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by Vt71fcAqt7
1271 days ago
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First let me clarify that something can be a waste of resources even if it creates some value. For examlple if I can create 1 value from 1 dollar or 100 value from 1 dollar the 1:1 ROI is a waste of capital in terms of value. With that in mind if we compare the value of the return from sports, which includes the labor and capital costs of the stadiums, as well as the profit consumed by the owners and athletes from ticket slales after the upfront cost is payed, to housing or education, we find that the value is very low. Additionaly, in the US, there are multiple sports (basketball, baseball and football) and multiple sports teams (some states even have more than one for each sport). Compare that with other countires that just have one sport (soccer/footbal) and one team. At the very least, the sports industry in the US is a waste of capital compared to soccer, which would fill the same demand for watching sports at a much lower cost. But those two points aside I think the demand for watching other people play sports is flawed to begin with. And I think your example given with writing is perfect to lillustrate why. Written works each have a different value to them. A different lesson to them or different story. Writing a book that has already been writen has no value as a book. For example writing a chemistry textbook that is worse than an existing one (at the same price) has no value, unless there is value in reading both. But the value of sports is to fulfil some primal urge (the "point" of which, by the way, is to play sports yourself). Any way the urge is fulfiled has the same value. There is no "type" of sports when we consider the underlying demand that generates it as an industry. It also creates a second order demand of "follwing" the teams, which is the only reason the games can't just be replayed from 20 years ago. Which, by the way, compare that to writings from hundreds of years ago that are still read today. There is no need for the best players to play to fulill the underlying demand of sports. It is just the result of competition. In fact there is no need for televised sports at all compared to watching others at a local park or playing yourself. The same definetly cannot be said about writing: especially technical works but also fiction given that the work provides something more than just entertainment once you finish reading it. Although if you don't accept that fiction can ever do that then it's value is greatly dimminished. With respect to art I'm not sure what to say. I would say we already have enough art such that one already cannot consume all of it. The value of art is also controversial. It would depend on how you view that to say whether or not to extend this same sentiment to it. But many of the issues with sports can be seen in fashion, for example. So yes it does extend to other industries, although I think it is perhaps most clear in sports. |
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