The Economics of Superstars

摘要: IN RECENT years has not felt his gorge rise upon learning the staggeringly high salary of a shortstop, movie star, an opera singer? A basketball player on losing team earns $1.2 million; author sells paperback rights to book for $800,000; television interviewer switches networks and signs contract calling her receive annual income just under $2 million. And continues rise. The spectacle people doing work that doesn't always seem overweighted with significance (and, in case rock singers, sometimes nightly) sums money figure exceed what you I may earn our lifetimes this, as they say nowadays, does give off good vibes. What's going here? What we are talking about, course, is phenomenon superstars, wherein relatively small numbers enormous amounts dominate fields which engaged. This appears be increasingly important modern world certainly, breakdown economic privacy, it visible phenomenon. very word superstar implies inflation most precious currency, language; star would have been sufficient my youth. Yet appear stuck term. As itself, viewed from standpoint economist, puzzling at first glimpse seems. thing said this connection certain activities admit extreme concentration both personal reward market size among handful participants. Every activity supports considerable diversity talent significant inequality distribution rewards. Activities where superstars found differ those us make livings by supporting much less more earnings. bulk earnings goes practitioners typically, few regarded best their fields. Similar distributions industrial sector ultimately come attention Federal Trade Commission or