[University of Connecticut basketball coach Jim] Calhoun pointing to the amount of income UConn men’s basketball generates for the university exemplifies a capitalist society: The market defines the worth.
Got it, baby? Can we make it even simpler?
At a university, market value = worth.
Okay?
So shut up about Calhoun.
March 2nd, 2009 at 9:59AM
Cf. Aesop, The Wolf and the Lamb.
March 2nd, 2009 at 3:24PM
Let’s take that proposition seriously.
A market has to provide opportunities for buyers, sellers, borrowers, and lenders to determine, accurately, whether resources flow to the most valuable uses.
Let Mr Calhoun be head coach and general manager, and pay his players the value of their marginal product. That means the players get to make the shoe endorsements, not him, and the players get a piece of the television revenues.
Let the National Collegiate Athletic Association be subject to the antitrust laws. That means no upper bounds on the pay of players, and no limits on how many players any team can hire or how long they remain employed.
Let the arenas pay off their mortgages out of their own receipts, without any state revenue bonds or claims on student fees.
Now let’s talk about equating market value with worth.