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Sports economics, once an obscure field in the economics world, is now becoming more mainstream.

As the name suggests, sport economics is the application of the principles of economics to the field of sport. However, the development of sport economics has largely been in the US which has a robust sport culture that is hugely popular too.

An example of a study in sport economics is how the construction of a basketball stadium in an area will revive that place.

An excellent example of this is the Staples Centre, the home of the Los Angeles Lakers, the famous basketball team. Staples Centre, bang in downtown Los Angeles, is in an area that over time had become rundown. However, after the construction of that stadium, the area revived with the construction of hotels, a convention centre, etc.

An indication that the field of sport economics is becoming significant is that it has its own academic Journal of Sports Economics.

If one looks at the latest issue, there is an article, "Explaining International Soccer Rankings," and another titled, "Sports League Expansion and Consumer Welfare". Essentially it's using economics in sport.

(The author is Group Economist, Murugappa Group. The views expressed are personal. Send in your queries on economics to Whackonomics@gmail.com)

Sunil Rongala

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