Authored by Tho Bishop via The Mises Institute,
It is a credit to the economics profession that the labor theory of value has largely fallen out of style. There is, however, one sector of the economy in which it continues to be taken seriously: sports.
The latest example of this economic fallacy emerged when A’ja Wilson of the WNBA’s Las Vegas Aces took to Twitter to poke LeBron James’s new contract with the Los Angeles Lakers.
“154M. must.be. nice,” wrote Wilson.
“We over here looking...