Oh dear god, etc, etc. Just how does he manage to do this? So damn consistently?
(Nobody answer that.)
Anyway;
"In economic parlance, they earn rents on top of any reasonable level of reward they should enjoy"
It's the administrators, regulators who extract a rent. UEFA (in Europe) and the national associations below them. UEFA receives great wodges of cash from the Champions League, plus the European Championship. Clubs receive sod all from having their players on international duty (and the players don't get much either), but bear a lot of the risk (injuries).
As far as a cartel goes; see the outcry about the European Super League proposal, just after Covid; also, note that the DCMS apparently released a statement that the incoming "independent" regulator would not allow clubs to enter competitions outside of the current structure.
"Just how does he manage to do this? So damn consistently?"
In it's way it's impressive, isn't it? Today's example is his insistence that inflation just goes away on its own. He's got 800 years of statistics to prove it too. Except he misses the effects of the silver/gold standards we were on for most of the past 800 years. Just wildly impressive.
"Users are advised to check the underlying assumptions behind this series in the relevant worksheets of the spreadsheet. In many cases alternative assumptions might be appropriate."
Oh dear god, etc, etc. Just how does he manage to do this? So damn consistently?
(Nobody answer that.)
Anyway;
"In economic parlance, they earn rents on top of any reasonable level of reward they should enjoy"
It's the administrators, regulators who extract a rent. UEFA (in Europe) and the national associations below them. UEFA receives great wodges of cash from the Champions League, plus the European Championship. Clubs receive sod all from having their players on international duty (and the players don't get much either), but bear a lot of the risk (injuries).
As far as a cartel goes; see the outcry about the European Super League proposal, just after Covid; also, note that the DCMS apparently released a statement that the incoming "independent" regulator would not allow clubs to enter competitions outside of the current structure.
That new regulator is going to be hilarious.
"Just how does he manage to do this? So damn consistently?"
In it's way it's impressive, isn't it? Today's example is his insistence that inflation just goes away on its own. He's got 800 years of statistics to prove it too. Except he misses the effects of the silver/gold standards we were on for most of the past 800 years. Just wildly impressive.
Well, yes. Still, I think I'd use monumental rather than impressive.
Has he been looking at Schmelzing's charts on BU again?
No, right source - FRED showing BoE numbers. But entirely incapable of connecting dots....
Ah, one of those series;
"Users are advised to check the underlying assumptions behind this series in the relevant worksheets of the spreadsheet. In many cases alternative assumptions might be appropriate."