The Economics of Sport - Stefan Szymanski at the Keynes Society
On Thursday 28th January we are delighted to host Professor Stefan Szymanski, from the Cass Business School. He is author of the highly acclaimed “Why England Lose and other curious football phenomena explained” - it should be a superb evening for those interested in using economic ideas to explain why there are too many English players in the Premier League and why Capello should insist on each of his players taking penalties for twenty minutes a day in the run up to the finals! I f you would like to come with some of your students and I can organise tickets - which are free.
Strictly Labour Market theory?
One of the most cumbersome terms in Economics is the Marginal Revenue Product of Labour (MRPL), which we encounter during our A2 Micro lessons. The phrase itself is one of those clumsy things that many students find hard to get clear in their minds quickly.
read more...»Managerial casualties and frictional unemployment
The news that Glen Roeder has been sacked as manager of Norwich City is a reminder of the precarious nature of management in the professional game. The average tenure of a new boss is little more than two years and the League Managers Association web site is a great place to go to find news of the latest batch of people to be shoved through the revolving door.
For many in the professional game, short periods out of work is a recurring fact of life - they are experiencing frictional unemployment whilst waiting for the next ‘big club’ to come calling.
Whether rapid changes of manager actually fundamentally changes the performance of the club on the field is another matter! This article from Tim Harford’s Undercover Economist site dates back to November 2007 and the untimely departure of Martin Jol from Tottenham. But it is still worth reading because Tim flags up research from a committed economist and soccer follower Chris Hope from Cambridge University.
“Christopher Hope is an economist at Cambridge University specialising in the costs of sacking football managers (and the costs of climate change). He estimates that when a manager is replaced, the typical team loses more than 10 league points from the disruption, equivalent to three wins and a draw. The cost of paying off the manager’s contract means less money to pay players and so a further modest points loss.”
“Nevertheless, Hope’s analysis recommends that clubs should sack their managers more often. He has concluded that the following algorithm would improve the performance of premiership clubs. Any new manager should have an eight-match honeymoon, during which time he is safe from sacking. After that, his average results should stay above a miserly 0.74 point per game; that average should be weighted to put about half the emphasis on the most recent five games.”
Should we apply a similar approach to the contracts of Economics teachers?
Most Popular Topic Tags on the Economics Blog
recession, demand, economics, unemployment, prices, price, inflation, investment, costs, trade, profit, employment, debt, supply, downturn, euro, gdp, confidence, competition, risk, china, capacity, exports, production, incentives, oil, expectations, manufacturing, sterling, housing, pay, food, profits, banks, tutor2u, globalisation, mortgage, property, revision, retailers, slowdown, borrowing, usa, innovation, emissions, dollar, deflation, airlines, supermarkets, entrepreneur, monopsony, efficiency, productivity, google, elasticity, moodle, wealth, aqa, keynes, protectionism, welfare, consumption, externalities, saving, opec, economist, inequality, strategy, depression, competitiveness, economic cycle, tim harford, stocks, depreciation, jobs, monopoly, infrastructure, carbon, credit crunch, poverty, cars, eu, bank of england, vle, environmental, carbon trading, spare capacity, budget deficit, environment, subsidy, market failure, wages, regulation, management, evaluation, output gap, losses, behavioural, government failure, steel, climate change, construction, macroeconomics, imports, oligopoly, japan, bbc, skills, cpi, commodities, farming, newsnight, paul mason, intervention, fiscal stimulus, multiplier effect, single market, currencies, population, stagflation, contestable, itunes, lse, agflation, minimum wage, interest rates, choices, aviation, amazon, quantitative easing, germany, taxes, uk economy, monetary policy, cartel, survey, nationalisation, india, brazil, rpi, pricing, dan ariely, opportunity cost, apple, pollution, oecd, rationality, keynes society, rsa, relative poverty, iphone, shipping, capital, merger, currency, imf, balance of payments, yuan, tragedy of the commons, price discrimination, current account, redundancies, economies of scale, london, savings, facebook, stakeholders, shareholder, behavioural economics, mpc, supply chain, liquidity, takeover, barriers to entry, reputation, income elasticity, poverty trap, microsoft, hamish mcrae, human capital, subsidies, discrimination, roger bootle, federal reserve, duopoly, robert peston, immigration, suppliers, us economy, gini coefficient, quiz, collapse, coffee, obama, pensions, development, consumer surplus, national debt, crowding out, etonomics, crude oil, scarcity, eurozone, labour market, ecb, petrol, taxation, tesco, free, brand, smoking, budget, paradox of thrift, cost of living, transport, labour mobility, liquidity trap, global, speculation, starbucks, recovery, iceland, allocative efficiency, behaviour, david smith, surplus, shareholders, waste, ireland, happiness, growth, information failure, creative destruction, open source, vat, cost benefit analysis, trade deficit, tariffs, northern rock, edinburgh, comparative advantage, ownership, scrappage, ocr economics, robert frank, aggregate demand, diane coyle, freight, kaletsky, royal economic society, eton college, exploitation, utility, fishing, labour force survey, government borrowing, edexcel economics, leverage, sony, marginal cost, information, tax, paul krugman, discounting, animal spirits, peter day, contestable market, anchoring, nissan, zimbabwe, savings ratio, wiki, needs, european union, internet, public sector, evan davis, public goods, price war, heathrow, hotels, energy, contestability, standard of living, twitter, wants, hbos, stephanie flanders, blog, migrants, poland, consumer welfare, aqa economics, devaluation, spain, pubs, milk, foreign exchange, external shocks, eu enlargement, movies, advertising, indirect tax, forecast, enlargement, bond, mervyn king, income elasticity of demand, ebea, property rights, blogging, house prices, copper, accelerator, edmund conway, deforestation, hot money, jim o'neill, ucas, bonds, trend growth, libor, elasticity of supply, carbon tax, income, diesel, income tax, jobless, accelerator effect, bric economies, guardian, youth unemployment, law of unintended consequences, google wave, fixed costs, deficit, john kay, sub-prime, global economy, exchange rates, economic efficiency, biofuel, vacancies, research, renewable, companies, profit margin, price capping, joint venture, price mechanism, martin wolf, training, startups, natural monopoly, world bank, competition commission, gilts, geoff riley, fairness, producer surplus, immobility, coal, congestion, social costs, will king, sentiment, greece, redundancy, ageing population, disposable income, equity, corus, base rate, walmart, tickets, collusion, dynamic efficiency, obesity, social entrepreneur, oil prices, fair trade, real income, res, binge drinking, philip allan, russia, low pay, vehicles, broadband, cash, price fixing, king of shaves, hysteresis, tata, supply-side, tariff, income distribution, compound interest, contestable markets, positional goods, government spending, eastern europe, internet explorer, economax, repossession, general motors, sustainability, ftse, age structure, frictional, satisficing, students, green shoots, logic of life, pay floor, disincentives, yahoo, blackberry, negative externalities, oft, aldi, resources, gillette, liberalisation, migration, economics revision, healthcare, asda, financial times, fiscal drag, ryanair, wheat, market structure, cadbury, credit, winners curse, apprenticeships, market power, hidden unemployment, demography, cyclical, british airways, deindustrialisation, renewable energy, optimal currency area, sovereign debt, credit cards, declan curry, nokia, decoupling, markets, anti-trust, public good, rory cellan-jones, diseconomies of scale, economic welfare, tax burden, undercover economist, child poverty, retailing, pension, the economist, barclays, schumpeter, landfill, enterprise, brics, redistribution, floating exchange rate, gold, veblen goods, unintended consequences, vertical integration, structural, reserve currency, single currency, football, job losses, nairu, costa, monetary policy committee, nhs, deleveraging, green revolution, drugs, nelson thornes, scotland, collaboration, hyperinflation, automatic stabilisers, real gdp, monopoly power, podcast, o2, motor industry, pay cuts, labour supply, ocr as economics,All tags
ECONOMICS TEACHER RESOURCE NEWSLETTER
Join over 4,000 other Economics Teachers in the UK and around the world who receive the tutor2u Economics Resource Email newsletter. Get special offers, first news of latest resources, teaching ideas, conferences and workshops.
Recent Threads on the Economics Teacher Discussion Forums:
Posts in: General Economics Teaching
Need help. - Economic Growth
Economies of scale presentation A2
Economic development
International Competitiveness
Keynesian Aggregate Supply
Demand Supply (% VAT Imposed) How to...?
Policy conflict and the Euro
Registering for the tutor2u VLU
Video Case-study - lunchtime prices slashed
Long Exam Example to Use for Revision Please?
