Loser:
A person with a record of failing; someone who loses consistently
(WordWeb Pro). : a person who is incompetent or
unable to succeed; also : something doomed to fail or disappoint
(Merriam-Webster)
Underdog:
One at a disadvantage and expected to lose (WordWeb
Pro); a victim of injustice or persecution
(Merriam-Webster)
In
a way an “underdog” would seem to have much in common with a
“loser.” But as soon as this assertion is made, we sense a vast
difference between them. The concept of loser carries with it the
idea that the person in question is CERTAIN to NEVER win—that is,
he is destined and doomed to failure. On the other hand, an
“underdog” could well win if given a fighting chance. The
underdog shows courage, initiative, and discipline while the loser
lacks these qualities. The self-concept of a loser is typically
negative and poor. The underdog has great spirit and confidence. In
the end we come to feel that the loser DESERVES to lose, while the
underdog DESERVES to win (...it is only just...) and will win
provided we give him sufficient encouragement.
I
think the above is generally true. A major exception is Wile E
Coyote—the loser who always wins our hearts.
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