Economics, Entrepreneurship and the NFL Draft

by Tho Bishop

There is no better sign of the NFL’s domination of the American sports landscape like the phenomenon of the NFL draft. The event, which is essentially a glorified business meeting, has evolved from a one day affair held in a smoke-filled single hotel conference room into a made-for-TV spectacle. Not only does it annually dominate the competing NBA playoffs in television ratings, but in 2014 more people watched the first round of the draft than either Game 7 of the World Series or any NBA championship game.

In America, democracy may be a failing god — but NFL is king.

The NFL draft also happens to be my favorite time on the sports calendar, in part because it is also a great illustration of many foundational economic concepts relevant to Austrian economics.

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