Is Winner-Take-All Bad or Good for the Middle Class? Evidence from Baseball
January 12, 2011 at 02:09 AM EST
A “winner-take-all” market is one in which the top stars get paid much more than anyone else. It’s an apt description of the American economy in recent decades. Top financiers, CEOs, entertainers, and athletes now routinely earn more than ten million dollars a year, and the share of all income (after taxes) going to the [...]