I doubt any of the professionals you listed consistently earn those wages or anything close. In fact in many instances they would have had to pay lots of dues before being recognized on such a scale to earn exorbidant figures. The lawyers who earn the most are corporate lawyers not criminal. Criminal lawyers make pittance for years upon years before they can earn a good amount and it's usually by virtue of representing (other) people with money (often celebrities). The specialists Docs often spend more money on education than me or you might spend in food throughout our lifetime. So no matter what the healthcare system picture they are reaping the rewards of their dedication. Finance industry is not even comparable as you'll often find only a select few make major money, the rest live far beyond their means often to impress other people with money to work with them. You can't drive a Lancer but want to manage a billionaire's money, he will laugh at yuh and find the next broker whippin de most exotic car that gives the appearance of doing well.
Personally I think players salaries in all sports should be incentive/ bonus based. And they should get a % of merchandising directly related to their contribution. I imagine a player who turned himself into a brand would earn even more than some of these figures, but at least it could be seen as fairly earned based on the contribution. I wouldn't buy Jordans but I have great respect for the man because he learn to play the sport then the game after. Far too often players are paid based on projections and potential. How often have we seen those projections stop way short of the mark. Take KJ (I rell happy fuh him) but I don't think it was great business sense how Sunderland moved with that extension. He didn't earn that in my eyes, he was rewarded based on what they believe he can do but not based on what he has done. Look at RM they spent about 200M pounds in transfers alone (we eh even know what the salaries will be yet) and with those players come added excitement, but it eh guarantreed to make a difference. What if it fails? Then it looks like overpayment for underachieving. Now if incentive based then it seems more justified if the get ridiculous wages based on success.
Now doh get tie up an feel I vex wit dem men fuh what dey makin eh. It eh dem fault that these sports clubs pay so much for their signatures so power to the players.
Alot of what you say is accurate, so I guess we could chalk it up to opportunity cost.
Going back to the doctors - they pay a premium and dedicate years of their life to study, examinations, high pressure situations and constant refresher courses. They are well compensated for that - but don't think that it takes years to reap the benefits after they start practicing. Doctors out of specialist residency will gross 7 digits in their first year, and that is not inclusive of those who are paid a premium to moonlight.
Conversely, footballers hone their skills from childhood and make personal sacrifices, family time, personal preferences and in many cases such as many Brasilian stars, work their way out of abject poverty to play football. Many of them have to depend on family members to make sacrifices so that they can have the chance to be seen or to attend tryouts.
Just think locally of Brian Lara - he didn't come from wealth and the sacrifices his family had to make for him to attend Harvard cricket, as well as making the sacrifice to go to Fatima and then having to live with another family. None of that can be easy on any child - so when they are compensated for their sacrifices I believe that they should make as much as they possibly can, because if they don't take the money - someone else will.
I'd argue for the finance industry to be considered because you don't get to the upper echelon by attending community college (not trying to knock anyone), but it's as simple as that. Take the firm McKinsey & Co. that only hires you if you're coming out of an Ivy League school. 4 years at any one of them, or private reputable schools will cost at least $50k per year x 4 years = $200k. Then add a reputable Masters Program and you're adding another $100k ... then count the 18 hour days, and having to incur the high cost of living associated with living in the financial capitals of the world like NYC, London, Paris - and then having to wine and dine clients, brokers, analysts, traders, etc at $125 per entree restaurants and $500 bottles of wine - and many of these guys don't even have a Lancer - they have a metrocard and use the 6 train. It's also not only a select few that make money in finance. You'll be surprised to see who and how many people make in the high 6 figures and low 7s .... and after taxes for everyone, their disposable isn't that far off many footballers.
Kinda glad that you brought up how Sunderland dealt with KJ. Imagine his valuation dropped 7M quid in 6 months, and yet he's still commanding a reasonably hefty wage. Should he be giving back some of that to Sunderland now that he hasn't lived up to reputation? You can parlay that to AIG execs who's funds didn't perform, yet commanded high salaries and higher bonuses - but how many of us are capable or trained to deal with the tasks that KJ or AIG execs undertake?
On your suggestion about setting up a
"commission" based incentivized reward system - I've always believed it would be appropriate for Windies Cricket, especially since these players aren't kept together year round like footballers. However, while goals win matches and the only performances that matter are the results on gameday, remember that footballers train daily, and are monitored year round by their clubs. They are mandated to attend social events to represent the club and perform many non-footballing tasks - in essence, they go to work everyday and some days are harder than others. Their vacation is also limited, and like many of us - if they take too many sick days, they get a reputation like Michael Owen (and look at what he earns on the list, and what he ended up signing for recently).
