Money and sport have always gone together but Scottish sport is handicapped by the small pool to which it is confined. We can see this most clearly in the economics of Scottish football.
Economists are fascinated by the laboratory of human action called sport. Studying sport gives us plenty of long run data on behaviour, sets of rules to test against outcomes and all kinds of other juicy goodies. We salivate. A key pioneer of this rapidly emerging sub-discipline is the Professor Peter Sloane, formerly of the University of Aberdeen.
The results can be very revealing and useful. As an example, the economics of crime as applied to US college basketball showed that a 50% increase in law enforcement (i.e. an extra umpire) led to a 33% drop in crime (i.e. fouls). And I cannot find a single sports economist who supports public funding of stadia for professional teams. There is apparently no such thing as the economic multiplier in such cases. In other words public money spent on sports stadia does not ripple through the economy creating lots of new permanent jobs. That is nothing but hocus-pocused thinking or voodoo economics.
These thoughts came to mind as I read "Scottish Football - It's a Funny Old Business" by