Does the U.S. now have a casino economy? Yes and no.

There is a frenetic, sweaty-palm feel to the U.S. economy lately. Markets are looking frothy and consumers are anxious, and meanwhile the gambling and stock markets are converging as people bet on all sorts of strange assets and events. Half of young men in the U.S. have an online sports betting account, and some are developing a problem.

All of which raises the question: Are we in a casino economy, a risky free-for-all that is bound to crash and burn? The short, unsatisfying answer is — yes and no. In many ways the economy has never been safer, but people are avoiding healthy risks and taking bad ones.

The argument for a casino economy is — well, just look around. First there is AI, which like all new technologies creates boom-and-bust cycles that involve overinvestment in the wrong thi