In The Batman Handbook, Scott Beatty sagely advises that to be as good a crime fighter as the world’s greatest detective, you need to ‘Learn everything you can in every discipline, no matter how obscure’. His list of essential subjects, however, does not include economics. This is a tragic oversight, not just because I’m saddened to hear that Batman might not have learned economic theory, but because economics suggests that Batman himself is not the solution to Gotham’s crime problem. Why? Three reasons.
Let’s get back to basics- the study of game theory is, for all intents and purposes, the study of strategy. It reveals to us what is, and how to, execute the best possible plan given a particular scenario. This field of study applies to a ubiquitous range of situations- from childhood board games such as Monopoly or Risk, to heavyweight financial issues such as monopolies or risk.