The great theories of economics seem to have great explanatory power, but the actual world is often far too complicated and messy to fully test them out.
Professor Ignacio Palacios-Huerta, an economist at the London School of Economics has an answer – sport. In the contained setting of competitive sport, he says, the rules are clear and you know who is doing what. This means, with some analysis, you can see vibrant illustrations of well-known economic theories playing out before your eyes.
Ignacio talks to Tim Harford about some of his favourite economic theories, demonstrated in action in sporting competition.
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