Economics of Sports

Why does the sport industry operate as it does? Why do governments in some countries directly support sport programs facilities and athletes while other governments do not? Why does a pair of basketball shoes cost $150? Why can some sport organisations operate as monopolists to sell their television rights? This book investigates 'big-time' sports such as professional football baseball basketball and hockey and goes beyond other texts to include the economics of global sports youth sports recreational sports the sporting good industry and sport outside the boundaries of the United States. Written for students with some exposure to economic concepts and analysis 'Economics of Sport' is ideal for a lower division elective course for economics majors for master's students in sport management or for economics professors who are in the process of learning more about the sport industry. In its 12 chapters the book defines the sport industry and reviews economic concepts before examining central issues such as benefits and costs; the theory of the firm; profit maximisation as a major motivator and alternative motivators; elasticity of demand and supply; market structures from perfect competition to monopolies; labour-related issues; government sport community sport and private enterprise; government and industry self-regulation; antitrust laws; and sport as a global industry. The last two chapters look at sport as a global industry and assess how economic systems affect sport governance in the world the reasons for international expansion the sport club systems used around the world and the increased internationalisation of sport business activities. The book also examines the technological advances and demographic changes that influence demand as well as the changing labour markets around the world.Li, Ming is the author of 'Economics of Sports' with ISBN 9781885693273 and ISBN 1885693273.