Written for students with some exposure to economics concepts and analysis, "Economics of Sport" is ideal for a lower division elective course for economics majors, for master's students in sport management, or for economics professors who are in the process of learning more about the sport industry. In its newly updated 13 chapters, this second edition defines the sport industry and reviews economic concepts before examining in detail such central issues as benefits and costs, the theory of the firm, profit maximisation as a major motivator, and alternative motivators in non-profit organisations. Drawing the student deeper into the functions and limits of sport economics, the book discusses elasticity of demand and supply, and examines market structures, from perfect competition to monopolies; analyses various reasons for government-provided sport, community sport, and private enterprise, and the reasons for mergers and acquisitions. The book also: assesses the contribution of the sport industry to the U.S. economy; surveys and relates the economic impact studies used to justify spending, the labour-related issues in the sport industry, including professional athletes, public relations directors, and sales representatives in various types of sport firms and organisations; and details the economic theories related to both government and industry self-regulation applicable to the sport industry, and the antitrust laws and their applications in the sport industry. "Economics of Sport" is a thorough and accessible text, perfect for everyone who wants a complete understanding of the sport industry today.
Ming Li, is professor and dean of the College of Education and Human Development at Western Michigan University. He received his bachelors degree in education from Guangzhou Sport University, his masters degree in education from Hangzhou University, and his doctor of education degree in physical education (sport administration) from the University of Kansas. Dr. Li is an honorary guest professor of a number of institutions in China, including Sun Yat-sen University, Central University of Finance and Economics, Beijing Sport University, Tianjin University of Sport, and Guangzhou Sport University. He was the recipient of the Taylor Dodson Award given by the Southern District American Alliance of Health, Physical Education, Recreation and Dance (AAHPERD), both the Garth Paton Distinguished Service Award and the Diversity Award bestowed by NASSM, the Founding President Award presented by ASB, the Distinguished Alumni Award of the Guangzhou Sport University, and the 2017 Giving Back Diversity Leadership Award recognized by the Insight into Diversity Magazine. Dr. Li worked for the Atlanta Committee for the Olympic Games (ACOG) as an Olympic Envoy in 1996. In November 2011, he served as a consultant for the sports department of the Organizing Committee for the Asian Games held in Guangzhou, China. Professor Lis photo appears courtesy of Western Michigan University.
