The Economics behind Olympic Medals
Posted by Juvenile on August 27, 2008 · Leave a Comment
Finally, the 2008 Olympic Games have come to an end. We can all go back to our normal and boring lives. But before we forget about Michael Phelps, the Bird’s Nest, and the Chinese prostitutes complaining about bad business, lets look at the final standings of the top four countries.
China has the most gold medals with 51. They garnered a total of 100 medals, second only to the United States. Second is the USA which collected 36 gold medals but garnered 110 medals all in all. Third place goes to Russia with 72 medals, 23 of which are gold. Great Britain received 47 medals, 19 of which are gold.
I know what you’re thinking. What does this got to do with economics? Well, a professor from Colorado College named Daniel Johnson tried to predict the outcome of the Beijing Games.
Read more here
http://musingsofayoungeconomist.co.cc
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