A Socio-Economic Approach to the Competitive Balance in Professional Team Sports
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The present paper is organised around the notion of competitive balance in team sports, its unique approach lying in an ownership-based analysis. While the concept of economic ownership is here understood as rent, the author takes pains to point out how this approach differs from the concept of economic rent, as it is framed in neo-classical economics. The paper sets out to sketch out a socio-economic perspective from which to view the area of team sports in general, and the important issue of competitive balance in particular. The lynchpin of that perspective is constituted by the notion of economic ownership. While the latter is understood as rent, the author takes pains to point out that the latter notion sharply differs from the concept of economic rent HELD by conventional economics. The paper demonstrates the merits of the perspective which CASTS new light on many hitherto either unrecognised or misrecognised phenomena.
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