Marginal costs versus marginal benefits. That is the most basic principle of economics. Any business or economy must weigh these two variables in order to make sound economic decisions. Formula One is a business. Fans (the consumers) spend their hard-earned money on a service that is provided by the teams and organizers (the producers). On the face of it, a very simple relationship. Conversely, fans are producers in the sense that they work for teams to help them function, work at tracks as marshals to keep the races safe and journalists as the mediators for the sport. While not paid directly by the sport, they are paid to make the sport work. The sport is the consumer in that sense. Add...
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