Economic Rent
When I looked up the definition of economic rent I found that it is the return on a productive resource, as land or labor, that is greater than the amount necessary to keep the resource producing or on a product in excess of what would have been the return except for some unique factor. Athlete Salaries In the past few decades have escalated like that of an outstanding stock equity. Athletes are taking full advantage of their position, causing the average person to wonder how high they will go. Some feel that athletes are greedy people who have lost care for the true meaning of their salary, the love of the game. Others feel
that if a person is able to earn that kind of money, why shouldn't they? By observing the current salaries of top athletes in their respective sports, and by thinking of possible solutions it appears that the sky is the limit for the athlete's salary. Alonzo Mourning signed with the Miami Heat for a seven year deal worth about $112 million! These fat contracts have brought out the question: Are pro athletes worth the millions they are paid? I think that when it comes to athletes and their salaries that they are always going to do what is best for them and their families. I believe that if an owner of a team has enough money to pay one player on a roster of twelve players a hundred million dollars then they obviously have enough money to do what they want with their investments. I believe that this amount of economic rent is paid to these players because the GM's and the leagues they belong to are making more money from these players than what they are paying them. I think that this amount of economic rent has to be paid to these players because the fans are the ones that bring in the dollars, if the fans do not see the players they want to see, then they will not have any interest in the sport. If people believe that athletes are highly overpaid and spoiled and all the other common complaints, then they should not pay for tickets to go watch them or by any apparel that supports them, but there is so much money revolving around professional sports that the athletes had no choice but to get involved or everybody else would be reaping the benefits of their work. Shaquille O'Neal, formerly of the Los Angeles Lakers now with the Miami Heat, signed with the Los Angeles Lakers for an enormous $120 million over seven seasons.
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