According to James Buchanan's work on the economics of clubs, smaller leagues are always to be preferred over larger leagues.

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James Buchanan's work on the economics of clubs does not suggest that smaller leagues are always to be preferred over larger leagues. Instead, it focuses on the optimal size of a group (or "club") that balances the benefits of collective action with the costs of increased membership, implying that the optimal size depends on specific circumstances and is not universally smaller or larger.

According to James Buchanan's Work on the Economics of Clubs