Economic Theory explained by Football 21 – The Kaldor-Hicks Theorem

I’ve no idea if Nicholas Kaldor and John Hicks were football fans or even if they were thinking about the beautiful game when came up with a theory that determined for every decision that was seen as positive in some people’s eyes, there would be a group of people who would be made worse off in some way (economical or socially) but their criteria to determine whether a decision is as holistically beneficial can be applied to virtually every decision we, or any club makes.

from The Ball is Round http://ift.tt/2gCBztK