Olympian Economics
This year's Olympics confirmed once again that the medal count can be predicted with great accuracy from four key variables: population, GDP per capita, past performance, and host status. Everything else – different training structures, better equipment, and so forth – is pretty much noise.
LONDON – As Olympic mania swept the world in recent weeks, it transported the host country, Great Britain, to a rare display of public exultation. Indeed, the successes of “Team GB” produced an upsurge of patriotic rejoicing akin to victory in war. Britain finished third in the gold medal count, behind the United States and China, much larger countries, but ahead of Russia, which traditionally competes with America for first place.
LONDON – As Olympic mania swept the world in recent weeks, it transported the host country, Great Britain, to a rare display of public exultation. Indeed, the successes of “Team GB” produced an upsurge of patriotic rejoicing akin to victory in war. Britain finished third in the gold medal count, behind the United States and China, much larger countries, but ahead of Russia, which traditionally competes with America for first place.