High salaries for athletes and movie stars are easily accepted by the public. So why, if a financial trader or a corporate boss is paid a fortune, does the public suspect that he or she must be undeserving or, worse, a thief.
CAMBRIDGE – The biggest news around Cambridge in recent weeks has been Jeremy Lin, the Harvard economics graduate who has shocked the National Basketball Association by rising overnight from “nowhere” to become a genuine star, leading a losing New York Knicks team to an unlikely string of victories.
Lin’s success is delicious, partly because it contradicts so many cultural prejudices about Asian-American athletes. Flabbergasted experts who overlooked Lin have been saying things like “he just didn’t look the part.” Lin’s obvious integrity and graciousness has won him fans outside the sport as well. The whole world has taken note, with Lin being featured on the cover of Sports Illustrated for two consecutive issues. The NBA, which has been trying to build brand recognition and interest in China, is thrilled.
I confess to being a huge Lin fan. Indeed, my teenage son has been idolizing Lin’s skills and work ethic ever since Lin starred on the Harvard team. But, as an economist observing the public’s seething anger over the “one percenters,” or individuals with exceptionally high incomes, I also see a different, overlooked facet of the story.
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CAMBRIDGE – The biggest news around Cambridge in recent weeks has been Jeremy Lin, the Harvard economics graduate who has shocked the National Basketball Association by rising overnight from “nowhere” to become a genuine star, leading a losing New York Knicks team to an unlikely string of victories.
Lin’s success is delicious, partly because it contradicts so many cultural prejudices about Asian-American athletes. Flabbergasted experts who overlooked Lin have been saying things like “he just didn’t look the part.” Lin’s obvious integrity and graciousness has won him fans outside the sport as well. The whole world has taken note, with Lin being featured on the cover of Sports Illustrated for two consecutive issues. The NBA, which has been trying to build brand recognition and interest in China, is thrilled.
I confess to being a huge Lin fan. Indeed, my teenage son has been idolizing Lin’s skills and work ethic ever since Lin starred on the Harvard team. But, as an economist observing the public’s seething anger over the “one percenters,” or individuals with exceptionally high incomes, I also see a different, overlooked facet of the story.
To continue reading, register now.
As a registered user, you can enjoy more PS content every month – for free.
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orSubscribe now for unlimited access to everything PS has to offer.
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