Let’s play a game. I will name two forms of football and you tell me which you think offers better incentives to players. On the one hand is soccer, the world famous sport which receives huge funding from sponsorship, merchandise and ticket sales. This allows large investment in the sport and the ability to pay good (sometimes even exorbitant) wages. On the other hand is Gaelic Football, played only by Irish people mainly in Ireland. Unlike soccer, it is an amateur sport and none of its players get paid. All athletes must also have full time jobs, meaning they can only train in the evenings after work.
This should be obvious. Continue reading “Why Do People Work Hard When They Have No Economic Incentive To Do So?”