The Concise Encyclopedia of Economics
FEATURED ARTICLE

Sportometrics

Robert Tollison

Until recently, economists who analyzed sports focused on such things as the Antitrust exemption, the alleged cartel behavior of sports leagues, and the player draft. Sportometrics is different. It is the application of economic theories to the behavior of athletes to explain what they do and to see if what they do can help to explain the behavior of people in other professions and settings. Instead of being about the "economics of sports," sportometrics introduces the idea of "sports as economics."...

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NEW ARTICLE

Division of Labor

Michael Munger

Division of labor combines specialization and the partition of a complex production task into several, or many, sub-tasks. Its importance in economics lies in the fact that a given number of workers can produce far more output using division of labor compared to the same number of workers each working alone. Interestingly, this is true even if those working alone are expert artisans. The production increase has several causes. According to Adam Smith, these include increased dexterity from learning, innovations in tool design and use as the steps are defined more clearly, and savings in wasted motion changing from one task to another....

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ALSO OF INTEREST

Gary Becker

Biography.

Public Choice

William F. Shughart II

Immigration

George J. Borjas

Health Care

Michael A. Morrisey

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FEATURED BIOGRAPHY

Wassily Leontief

(1906-1999)

From the time he was a young man growing up in Saint Petersburg, Wassily Leontief devoted his studies to input-output analysis. When he left Russia at the age of nineteen to begin the Ph.D. program at the University of Berlin, he had already shown how Leon Walras's abstract equilibrium theory could be quantified. But it was not until many years later, in 1941, while a professor at Harvard, that Leontief calculated an input-output table for the American economy. It was this work, and later refinements of it, that earned Leontief the Nobel Prize in 1973....

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