Posts Tagged ‘earnings’
“America believes in education: the average professor earns more money in a year than a professional athlete earns in a whole week”*…
The highest-paid athlete in the world in 2022 was LeBron James, who took home $36.9 million in salary and winnings, and another $90 million in endorsements, for a total of $126.9 million; Lionel Messi was second, with a total of $122 million. As professional players’ salaries seem to be steadily rising, we might assume that they are the highest-paid athletes of all time. We would be wrong…
1st century poet and satirist Juvenal had much to say about the Roman obsession with ‘bread and games’: “Long ago the people shed their anxieties, ever since we do not sell our votes to anyone. For the people – who once conferred imperium, symbols of office, legions, everything – now hold themselves in check and anxiously desire only two things, the grain dole and chariot races in the Circus”. The very phrase panem et circenses denotes this nigh unhealthy preoccupation with ‘materialistic’ stuff – a scope whose parallel can certainly be drawn in our modern terms. And mirroring our fascination with many an athlete and celebrity sport-star, the ancient Romans possibly boasted the highest paid athlete in the history of mankind. We are talking about one Gaius Appuleius Diocles – who according to classical studies professor Peter Struck (at University of Chicago), amassed around some 35,863,120 sesterces in prize money. That is equivalent to about a whopping $15 billion… it should be noted that the prize money of 35,863,120 sesterces was won only in competitions, without the added benefits of modern-day sponsorship and advertisements…
Almost replicating a Formula 1 career progression, Diocles starting his gig as a charioteer at a young age of 18 for the so-designated White Team. By the age of 24 he switched to the Green Team, and finally by the age of 27 (till his retirement at 42), he made his move to the Red Team. When translated to figures, his career spanning over 24 years, resulted in 1,462 victories out of the 4,257 four-horse races. In fact, his specialty lay with four-horse races, and most of his enthralling wins came after he caught up with his competitors from behind…
The extraordinary story of “Gaius Appuleius Diocles – possibly the highest paid athlete in the history of mankind,” from @RealmofHistory.
* Evan Esar (writing in the 1960s… so the comparison is probably more aptly a day or an hour)
###
As we ruminate on riches, we might recall that it was on this date in 1985 that the first WrestleMania was held at Madison Square Garden in New York. 19,121 fans watched Hulk Hogan and Mr. T defeated Paul Orndorff and Roddy Piper in the main event. on the undercard, Wendi Richter (accompanied by manager Cyndi Lauper) defeated Leilani Kai to win the WWF Women’s Championship, and Nikolai Volkoff and The Iron Sheik defeated The U.S. Express (Mike Rotundo and Barry Windham) to win the WWF Tag Team Championship. Celebrity guests included former heavyweight boxing champion Muhammad Ali as referee, baseball player/manager Billy Martin as ring announcer, and musician-actor Liberace as timekeeper.
“Everything we do is Music”*…
It was… difficult to put a modern day figure on [the earnings of] the likes of Mozart, Beethoven and Wagner… for a few reasons. For a start, a lot of the musicians we took a look at were paid in long dead currencies such as thalers, ducats and florins – then there’s the fact that composers were also more likely to have made supplemental income from compositions and tutoring. Nevertheless, even with the usual caveats (there are admittedly a few problems with comparing 18th century incomes with 21st century incomes) we still thought you’d want to know if you’re out-earning the musical superstars of their day. So without further ado, why not take a look at the modern day salaries of famous composers…
Play the pay scales at “Do you Make More Money than Mozart?”
[via Slipped Disc, thanks to friend MK]
* John Cage
###
As we struggle to keep up with the Johanns, we might spare a thought for (the moderately-remunerated) Joseph Haydn; he died on this date in 1809. An accomplished composer who was, effectively, the architect of the Classical style, Haydn wrote 106 symphonies, and was instrumental in the development of chamber music. His influence on later composers was immense: he mentored Mozart and taught Beethoven; his contributions to musical form have earned him the epithets “Father of the Symphony” and “Father of the String Quartet.”
Thomas Hardy‘s portrait of Haydn
“…what remains after one has forgotten everything he learned at school.”*
A guest post from Scenarios and Strategy (here, with an almanac entry)…
The Bureau of Labor Statistics reminds us that it’s smart to stay in school:
But as Calculated Risk reports, while unemployment among the best educated is still lowest, it’s increased as much in percentage terms for them during this current recession as for any other group.
click to enlargeOne notes that all four groups** were slow to rebound after the 2001 recession– not an encouraging reminder if one is hoping for a brisk employment-led, consumption-fueled recovery this time around.
But in some ways more striking is a difference we might expect, but that hasn’t yet emerged. Calculated Risk:
I’d expect the unemployment rate to fall faster for workers with higher levels of education, since their skills are more transferable, than for workers with less education. I’d also expect the unemployment rate for workers with lower levels of education to stay elevated longer in this “recovery” because there is no building boom this time. Just a guess and it isn’t happening so far … currently the unemployment rate for the highest educated group is still increasing.
Clearly, from an individual’s point-of-view, it’s still smarter to get more education than less. But the perturbations of past periods remind us that the gearing between between academic degrees and financial success isn’t always perfectly tight… Indeed, those with sharply-defined professional credentials in fields– e.g, finance– that are unlikely even in the intermediate term (if ever) to recover their bubble-fueled growth rates, may find their advanced degrees at best unhelpful; at worst, downright prejudicial.
Economic recovery and growth will be driven to some large extent by innovation; that innovation will create new– and new kinds of– jobs. Looking even just five years out, much less ten, one has to admit that it’s just not possible to predict what these emergent jobs, nor their requirements, will be. (Consider, e.g., the hottest topic– and job category– in marketing/advertising these days: “social media marketing”… which wasn’t even a glimmer a decade ago, and was just being born five year ago.) This is a challenge for those new to the work force, who have to wrangle the product of their schooling and their personal experience into a shape that can fit the entry-level positions they seek. It is a much bigger challenge for those mid-career who find themselves needy of making a move: these more mature folks have not only to learn new fields, they also have to re-direct the considerable momentum of perception and habit that characterized their old– and they have to do those things, usually, in ways that justify salaries way north of entry-level.
All of which underlines for your correspondent the extraordinary value of a liberal arts education. When one is faced with a “working adulthood” that is one transitional challenge after another, no skill is more valuable than the capacity to adapt. And no capability is more central to that adaptation than the ability effectively and efficiently to learn.
This is precisely what, at its core, a liberal arts education is about: learning to learn.
There are many, many other reasons, rooted in personal and societal benefits, to pursue a liberal arts education, and top support a strong foundation of liberal arts in higher education. But the lessons of the last couple of years– indeed, of the last several decades– suggest that the economic rationale is plenty strong as well…
And besides, it’s fun.
* “Education is what remains after one has forgotten everything he learned in school.”
– Albert Einstein
** To put these cohorts into perspective, the Census Bureau suggests that, of these folks “25 yrs. and over” (in 2008):
– 13.4% had less than a high school diploma.
– 31.2% were high school graduates, no college.
– 26.0% had some college or associate degree.
– 29.4% had a college degree or higher.
UPDATE: Reader JK directs our attention to another treatment of the data, in the NY Times. As he suggests, even more dramatic.
As we revisit our course catalogues, we might recall that it was on this date in 1933 that Congress passed the Emergency Banking Act, the first major legislative step in Franklin Delano Roosevelt’s New Deal program. The sense of urgency was sufficiently high– four days earlier Roosevelt had declared a “Banking Holiday,” closing all of the nation’s banks– that most legislators passed the Act without even reading the single copy that was available for review. The EBA gave the government authority to shutter insolvent banks; that, coupled with the Federal Reserve’s informal-but-explicit pledge to guarantee the deposits of banks allowed to reopen (de facto deposit insurance), eased the crisis of public confidence: within two weeks of banks’ re-opening on March 13, Americans had re-deposited over half the cash they’d withdrawn and hoarded through the period of bank failures that marked the first chapter of the Great Depression. Later that year, the (more considered and embracing) Banking Act of 1933 replaced the EBA, and established such lasting practices and institutions as the FDIC.
You must be logged in to post a comment.