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Tag Archives: Sports

Market efficiency in sports

Sports markets are not as efficient as financial markets. Nonetheless, the concept of market efficiency does have important implications for sports. Consider how the NBA has evolved in response to the three point shot. Teams gradually learned that the best strategy was to take lots of three point shots (long shots) and layups (relatively easy 2 point shots.) A recent article in The Ringer describes how defenses have adjusted to this optimal strategy so that “quality...

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Businesses cooperate, politicians compete

The FT points out that US businesses wish to cooperate with China while the politicians in both parties want to compete: America’s public and private elites are no longer as one on China, if they ever were. In Washington, vigilance to Beijing is the nearest thing there is to a bipartisan verity. Democrats, no less than Republicans, brood over Chinese gains in artificial intelligence and hypersonic missiles. Successive governments have tried to knit a web of Asian and...

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Some Non-Covid Links

Scott Lincicome describes the lamentable return of green industrial policy. A slice: Finally, there are the substantial costs—seen and unseen—associated with green industrial policies. Those projects cited in the Technology Pork Barrel, for example, uniformly exhibited “cost overruns” that far exceeded their budgets. Years later, DOE got busted for using—ahem—creative accounting to claim that its ARRA green energy lending programs were “making money” (they ignored borrowing costs,...

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Man-of-System Madness!

Every Spring in the U.S., many Americans are tuned in to what is called “March Madness.” (This madness usually occurs in early April, but because of Covid-19, it actually is occurring in 2021 in March. In 2020 it was cancelled by Covid Craziness.) Sixty-four – well, now more, but traditionally 64 – college basketball teams are invited to participate in the NCAA Division I basketball tournament. The sixty-four teams are then equally divided into four regions: South, East, West, and...

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Some Links

Art Carden’s suggested team name is very good, but I prefer the name suggested by David Hart, for it is truly descriptive of the essence of DC: The Washington Plunderers. Phil Magness exposes additional model mistakes. John Stossel applauds the private space race. Samuel Gregg reviews Gregory Collins’s Commerce and Manners in Edmund Burke’s Political Economy. A slice: Burke’s interest in theory also embraced how rationality functioned in the marketplace. That was especially evident in...

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Some Links

Writing in today’s Wall Street Journal, Thomas Sowell explains that opponents of charter schools are opponents of better education for the children of the poor. A slice: Not all charter schools succeed and not all traditional public schools fail. But, by and large, in New York City the hard data in my new book, “Charter Schools and Their Enemies,” show most charter schools doing decisively better than the traditional public schools housed in the same buildings with them. Although New...

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Some Links

My GMU Econ colleague Dan Klein talks with Russ Roberts, at EconTalk, about honest income – and other matters. I enjoy and learn much from Anton Howes’s newsletter on economic history. Here’s the January 29th, 2020, posting. Pete Boettke explains why Armen Alchian explained property rights to economists. A slice: So, why did Alchian have to recapture such a basic point of common economics knowledge that had been recognized from Adam Smith onward? My conjecture is that Alchian was...

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Some Links

Walter Olson is truly frightened by the ghoul that is Elizabeth Warren’s proposed tax on wealth. My intrepid Mercatus Center colleague Veronique de Rugy reminds us that Milton Friedman was correct to argue that the burden of government is measured by how much it spends rather than by how much it rakes in as tax revenue during the current period. Also from Veronique is this sensible call to end the ‘experiment’ with ‘renewable fuels.‘ A slice: A recent Cato Institute report by Arthur...

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Some Links

Writing in the Washington Post, Cathy Young argues that Progressives are pouring fuel on the fire that is currently engulfing genuine liberalism. A slice: With its utopian quest for a society cleansed of all traces of bias or inequality and its politicization of everything from art to family life, social-justice leftism is in some ways the modern heir to 20th-century communism. While it does not command totalitarian regimes, its effect on Western liberal institutions — especially the...

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Some Links

My intrepid Mercatus Center colleague Veronique de Rugy continues to lament Uncle Sam’s extraordinary fiscal imprudence. Roberto Salinas-Leon offers a perspective from Mexico on NAFTA. A slice: In fact the fundamentally transformational effect that NAFTA has had across Mexican society—even beyond the exponential growth in trilateral trade that it brought about—is all too often understated. The political logic of NAFTA, for Mexico, was to safeguard trade liberalization through a “lock-in”...

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