The Price of Greatness: Pedagogical Lessons from Jersey Transactions in Professional Sports
13 Pages Posted: 21 Oct 2005
Date Written: August 12, 2005
As professional athletes are traded from team to team, various in-kind and monetary transactions for certain jersey numbers are becoming more common. Given the size of some of the recent payments, these stories have transitioned from relative obscurity to mainstream sports news. This paper provides two areas where these kinds of interactions can enhance the learning experience in microeconomics. These are (1) as a simple, illustrative way of discussing the importance of markets (and related concepts), and (2) as an interesting extension of Gary Becker's human capital theory. Thus, these examples could enhance the pedagogical process in principles of microeconomics and/or in undergraduate courses in labor and sports economics.
JEL Classification: A22
Suggested Citation: Suggested Citation