The correct answer, especially given that we were in a sports bar, is that the discussants themselves ultimately are the ones setting Effects of overpaying professional athletes high rewards for being an outstanding athlete.
You think he can afford to get extra cheese on his Big Mac? A successful business is only going to pay their employees what they feel they are worth. But it is the only way a free people can address the situation.
Of course it seems crazy that a player or a coach would make more money than a doctor, lawyer, fireman, police officer, teacher, or even our president.
But to succeed, both will be equally bound to judge accurately as to how much consumers will value his offerings. Consumers must bid enough to prompt producers into action, and the price of every good—industrial products as well as consumption items—can be traced to consumer choice.
Nevertheless, the enormous salaries earned by sports stars are chiefly the result of the willingness of their fans to pay to see them play. I definitely have at least one form of apparel for the Cubs, Hawks, Bulls, Bears, and yes, even the Sox.
To the extent that any interest group, such as corporate managers, can successfully lobby for favorable legal restrictions on free-market processes, such as laws hampering corporate takeovers, then the members of that group might be able to earn more than they would through purely voluntary transactions.
The same contract that says if he falls off the wagon again he does not get any of that money, but hey, why read the fine print? Professional athletes and coaches have been paid lucrative salaries for years.
But somehow it was decided that people who labor harder than most, city workers, janitors and factory workers, would be paid less than someone who sits behind a desk all day or someone who plays a game for a living.
Finally, there are the department executives. We keep returning to our favorite spot on the couch, with our good friends and our usual game-day snacks every week just to watch Tom Brady throw that touchdown, LeBron James hit that three-pointer, Anthony Rizzo hit that home runand Patrick Kane to score that goal.
Those estimates can turn out to be over-optimistic: Another may be motivated solely by his desire to become fabulously wealthy. In a free society the proper remedy available to those who deplore smoking or are convinced that their fellows should buy fewer Britney Spears CDs and more Bach is to persuade others of their beliefs.
But as fans and consumers, we keep putting the money in their pockets. Now in an industry like the NFL or MLB that comes as no shock because again, these are multi-billion dollar businesses; but what about college sports? What most people fail to realize is that professional coaches and league commissioners are making just as much, if not more, than some of these players.
As much as I would like to sit here and say that athletes are overpaid, considering even some rookies make more than the President of the United States, I am partly responsible for funding their paychecks. A paradigmatic case is cigarettes: Producers of items needed for the production of consumer goods will find it rewarding to produce those items only if consumers value the final goods enough to pay for the resources and work necessary to create them.
As fans, we encourage and allow for athletes to get paid higher and higher salaries each year, because we keep coming back for more.
The real problem is that athletes are seen as role models. Often the understanding of consumer sovereignty as presented above is attacked for not taking into account the character flaws and cognitive shortcomings of the flesh-and-blood people who really populate any economy.
Certainly, an unscrupulous businessman may try to deceive consumers about the true nature of what he is selling, but that is more accurately classified as theft rather than commerce and properly is subject to legal sanctions.Whether or not professional athletes are overpaid has been a long-standing debate.
And in a world where some professional athletes are paid almost times the salary of the average U.S. teacher, it comes as no surprise. Mar 04, · With most athletes putting their bodies through the ringer each and every time they play, it is likely that at some point they will incur some kind of.
Our president earns a yearly salary of $, and he runs our country, while the athletes just provide amusement. Don't get me wrong, but paying an athlete $ million for a single year is.
Professional Athletes' Salaries In today's society, the American people can't get enough of their favorite teams and athletes. Entire cities are infatuated with these teams and as a result, people spend much of their time and money watching and.
Athletes, particularly professional athletes, are sarce, and the demand for them is high, therefore their salaries reflect that. You may not particularly like it, but it reflects the money they generate being on the field.
While professional athletes are playing a game of their own and providing amusement to certain individuals, doctors are saving lives, helping society, and teaching the general public about health awareness.Download