Saturday, March 03, 2012

Rogoff reflects on Jeremy Lin

Ken writes:
What amazes me is cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 public’s blasé acceptance of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 salaries of sports stars, compared to its low regard for superstars in business and finance. Half of all NBA players’ annual salaries exceed $2 million, more than five times cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 threshold for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 top 1% of household incomes in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 United States. Because long-time superstars like Kobe Bryant earn upwards of $25 million a year, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 average annual NBA salary is more than $5 million. Indeed, Lin’s salary, at $800,000, is cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 NBA’s “minimum wage” for a second-season player. Presumably, Lin will soon be earning much more, and fans will applaud.

Yet many of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365se same fans would almost surely argue that CEOs of Fortune 500 companies, whose median compensation is around $10 million, are ridiculously overpaid. If a star basketball player reacts a split-second faster than his competitors, no one has a problem with his earning more for every game than five factory workers do in a year. But if, say, a financial trader or a corporate executive is paid a fortune for being a shade faster than competitors, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 public suspects that he or she is undeserving or, worse, a thief.

In case you are curious: Yes, Jeremy Lin did take ec 10.