Book Review: Adam Smith’s America: How a Scottish Philosopher Became an Icon of American Capitalism

sports economics classes. In fact, I would recommend this book as a textbook for an undergraduate course in sports economics. I would also recommend this work for general readers without a background in economics to help them become familiar with a broad range of microeconomic concepts. My one caveat on this recommendation is that he uses some economic terminology that have precise meanings to other economists that are not explained completely or are used in a more general sense that might mislead an uninformed reader. One instance of this is when he explains why ticket prices differ and he uses the term price discrimination. In formal microeconomics, this term has a very specific definition: selling the same product at different prices when there is no difference in cost. He then explains how dynamic pricing is a form of price discrimination. While it is true that dynamic pricing, a form of surge pricing, explains why ticket prices differ, dynamic pricing is not a form of price discrimination. The prices differ because demand differs at different times which is not price discrimination. I admit I am a stickler on this point, but if the object of the book is to teach microeconomics, then using precise language correctly is essential. And, on occasion, Dr. Oyer is not as precise with his terminology as he could be. On the other hand, if the object of the book is to entertain and, in so doing, introduce the idea of economic reasoning, then Dr. Oyer’s writing meets this goal. One final concern I have is with the chapter, “Why do athletes cheat and lie?”Dr. Oyer suggests as a policy prescription that we allow athletes to use performance enhancing drugs without sanctions. The author suggests that given the difficulty in monitoring cheaters, and the nature of the prisoner’s dilemma dominate strategy equilibrium, the pragmatic solution is to make performance enhancing drugs legal for athletes. Although I understand his reasoning for the policy suggestion, I believe he neglects the external costs this policy creates. Athletes are role models for young people and celebrity endorsers for products such as Nike and Under Armor. If performance enhancing drugs become legal for athletes, young people may start to utilize these drugs to emulate their role models. This negative externality needs to be addressed in the policy prescription. This, however, is only a minor criticism of an overall wonderful book. To recap, Paul Oyer’s book “An Economist Goes to the Game” is a series of nine essays that provide a delightful and useful overview of sports economics topics. This is a book I would recommend for an undergraduate sports economics course, recommend to friends with an interest in sports and economics, and also a book to keep on your own bookshelf. “In every job that must be done, there is an element of fun. You find the fun, and – SNAP – the job’s a game!”—Mary Poppins. In this book, Paul Oyer has found the fun in difficult economic concepts.