3 stories of winner take all markets and average is over

NBC News suspending Brian Williams without pay for 6 months and the new figures for Premier League television rights up 70% for the next 3 years.

The Premier League rights will cost £5.1 billion for the next 3 years. Most clubs lose money hand over fist and a few star players and managers accrue most of the rents from the money sloshing around from television rights and merchandising.

Calls to cut ticket prices for “real fans” will be met with deaf ears because of 1) revealed preferences for football fans to spend a fortune 2) the enormous sums that can be charged to corporates for hospitality at Premier League games.

Nightly News makes US$30 million in profit a year while paying Mr Williams over US$10 million in salary. A 30 second ad spot is over US$50,000 according to some stories I’ve seen.

And then there is this story at Fusion about income inequality within the (US) millennial demographic. The 1% starts at US$129,000 per annum.

Millennials with bachelor’s degrees have the greatest share of their generation’s One Percent, at 39 percent, compared with just 7 percent for individuals who only graduated high school and 10 percent for college dropouts. And 76 percent of millennial one percenters have at least a bachelor’s degree — yet more evidence that it pays to stay in school, if you can get there.

The college premium for graduates of quality colleges with majors in demand in the labour market are doing just fine. All of this is very interesting. If you look at NZ Census figures, there are a non-trivial number of millennials who aren’t part of the lost generation.

 

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