Briefs: Supply and Salaries

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I heard this morning a comment lamenting the fact that NFL quarterbacks get paid so much more than teachers, and how that just does not seem right. Well, that may be true in once sense; maybe our society in fact places too much emphasis on sports than it does education. But, the salary differential is simply the effect of supply and demand. There are very few individuals in the US that can be NFL quarterbacks (meaning the supply is very small). That drives the price (salary) of the NFL quarterback up very high, when compared to a teacher. And we know that the demand for a good quarterback in the NFL is very high (our society’s emphasis on sports). Conversely, there are millions of individuals in the US that can be teachers (meaning the supply is very high). That drives the price (salary) of a teacher down, when compared to an NFL quarterback.

Economics is life.

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