LEBRON JAMES, LIONEL MESSI, AND SUPERSTAR SALARIES

Donghyun Park

Chapter 9 in Capitalism in the 21st Century:Why Global Capitalism Is Broken and How It Can Be Fixed, 2019, pp 43-45 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In Europe as in America, capitalism is the engine of economic progress. The biggest virtue of capitalism is that it is a fundamentally fair system. As noted earlier, under capitalism, how well one does depends on one’s own ability and effort. Your income is determined by your contribution to the economy. In other words, under capitalism, you get what you deserve. What can be fairer than that? This does not contradict my earlier statement that capitalism is an inherently unequal and unfair system. The two definitions of fairness are completely different, and do not contradict each other at all. If we define fairness to mean that everybody should earn the same, regardless of their ability and effort, then capitalism is unfair, for sure. On the other hand, if we define fairness to mean that how much we earn should depend on how much we contribute, then capitalism is as fair as it gets…

Keywords: Capitalism; Globalization; Inequality; Entrepreneur; Financial Industry; Government; Socialism; Market (search for similar items in EconPapers)
JEL-codes: A1 F00 F6 N2 P16 (search for similar items in EconPapers)
Date: 2019
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