NMSU Business Outlook: March 2013

A Brief History of Indian Gaming

Gavin Clarkson, NMSU Department of Finance and James K. Sebenius, Harvard Business School

Legend has it that commercial gaming on Indian reservations in the United States began as a response to a fire that destroyed two trailers on the Oneida Indian reservation in Verona, New York, in 1975. The reservation had neither a fire department nor firefighting equipment, and two Oneidas perished in the blaze. To prevent such tragedies in the future, the Oneidas decided to do what other fire departments had done, which was to raise funds though bingo. The Oneidas launched a bingo game in a double-wide trailer, offering prizes in excess of the limits permitted by New York law. The Oneidas maintained that, because they were an Indian nation, they were not bound by state bingo regulations. Tribe members claimed that their right of sovereignty entitled them to run their own game and to offer a jackpot large enough to draw non-Indians – and their money – to a place they otherwise might never visit.

Complete Article: A Brief History of Indian Gaming

The Myth of the Laissez Faire Economy

Richard V. Adkisson and Mikidadu Mohammed, New Mexico State University

The laissez faire concept is one that has fascinated Americans for years. To an individualistic, freedom-loving nation, the suggestion that community level problems exist and that they cannot be overcome with individual effort is troublesome. Therefore, the notion that government should be as small as possible and that governmental intrusion into people’s lives should be minimized holds great appeal. While it is undoubtedly the case that not everyone holds the laissez faire concept in equal esteem, one also gets the feeling that its influence lingers in the recesses of the typical American mind, a lingering myth that one can turn to for comfort in the face of uncertainty. In recent decades laissez faire has certainly come to the forefront of American political and policy debates.

Complete Article: The Myth of the Laissez Faire Economy

Talking Points

Christopher A. Erickson

This month’s data reflects annual revisions to the employment data at the state and local level. At the state level, the revision changed very little to redraws the general bleak picture. New Mexico continues to be near the bottom among the 50 states in employment growth, ranking 46th among the 50 states. The revised data Las Cruces averaged 200 jobs per month. Nevertheless, the growth rate for 2012 remained negative at -.2 percent.

Complete Article: Talking Points

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