Episode 213: The Economics of Golf

Peter Howitt won the Nobel Prize in Economic Sciences in 2025 for his theory of creative destruction: the idea that innovation drives growth by rendering the old obsolete. He also lives on the 10th tee of a Tom Fazio golf course in the Blue Ridge Mountains, and golf is the only thing that can quiet his beautiful mind. On this episode of the TGJ Podcast, he joins Tom Coyne to break down the economics of golf: why Prestwick is a textbook case of obsolescence, what the Pro V1 did to the wound ball, why rolling back the golf ball fails as economic policy, and what LIV's disruption of the PGA Tour reveals about competition, business stealing, and superstar markets. You'll see the game differently after this one.The Golfer's Journal and this podcast are made possible by reader support. If you enjoyed this episode, please consider becoming a member here: https://glfrsj.nl/MembershipsYTThe Golfer’s Journal Podcast is presented by Titleist.