Comment Text:
Financial markets are gambling with positive externalities, relating to more efficient information allocation.
Event markets are gambling with positive externalities, ...
There genuinely is no meaningful difference between a stock exchange or a bank offering futures on wheat for hedging, or stock from companies to allocate capital, and event markets for hedging and capital allocation. Yes, it feels like gambling, but so does financial speculation.
And yet financial speculation brought massive societal benefits as a side effect.
So can event markets - they are much more flexible and adapted to human use and human interests..
