Labour Markets in Professional Sports
分析职业体育中劳动力市场的供需特征，探讨个人生产力、种族歧视、球员流动如何受需求影响，以及产权、激励和集体协议如何影响人才供给和竞争，对研究体育经济和劳动市场的学者有参考价值。
Important elements of supply and demand are starkly observable in professional athletics. Demand affects how pay varies with personal productivity, racial discrimination, the nature of factor substitutions, and player mobility. Property rights affect the supply of athletic talent, arms races and incentives to restrict competition. In sports, excess incentives to win can create negative externalities. Collective agreements such as reverse‐order drafts, payroll caps and revenue sharing constrain these forces, but redistribute rents from talented players to owners because they punish success. The European approach–promoting better‐performing teams and relegating those with the poorest records–punish failure.