Price of Football Players

Table of Contents Introduction Supply Demand Theory Skill Sets Bargaining Power Sponsorship Other Factors References Introduction Why do football players cost so much? Why do players transferred from one club to another get so very high price of  £82,500,000 while another players a sum of  £21,000,000? What determines these prices and are they determined? All these questions poses a potent reason for a demand supply analysis of football players.Advertising We will write a custom essay sample on Price of Football Players specifically for you for only $16.05 $11/page Learn More This paper analyses the reason why players are given higher transfer rates and the economic theory that lies behind this transfer. The players that we choose for this analysis are Nacho Monreal from Arsenal and Jack Butland from Stoke City. Supply Demand Theory While discussing the price that footballers receive from the clubs are astronomically high. Some players receive ve ry high transfer prices while others do not receive such high wages. The transfer costs are actually, in economic sense, the price, or the wages that is determined through the interaction of supply and demand. The footballers who have a very high degree of skill and have a proven past record are priced very high. The supply curve of a commodity as we know in economics is a positively sloping line, whereas in case of football players is a vertical line indicating a fixed supply. This is because, the service that the footballers have to offer is their skill sets as a player which cannot rise or fall with the price. It remains same at any price, showing a highly inelastic supply curve. However, the demand curve of the footballers is highly elastic that varies with the prices. When there is an interaction between the supply and the demand curves, and the price at which they interact, becomes the equilibrium price at which the player is transferred. This price is the transfer cost that c lubs pay. Figure 1: Demand and supply curve of a footballer Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In figure 1 the supply curve is shown as a perfectly inelastic curve and the downward sloping demand curve shows that with an increase in the price of the player shows that the demand for the player would reduce. Skill Sets In case of Nacho Monreal from Arsenal and Jack Butland a comparison has to be made in terms of their skills. A comparison of their past performances shows that Nacho was a defender who had 2 goals to his credit, he had assisted in making 8 goals, in 35 matches he had played. On the other hand, Jack a goalkeeper, had conceded 69 goals and missed 13 goals in the 49 matches he had played. This shows that if a performance ratio is considered, Nacho’s performance was far better than that of Jack. Hence, it may be concluded that the higher price that was offered to nacho was due to the better performance he had shown in the previous matches he had played. The theory of marginal revenue product of the players demonstrates that the price of a product or marginal revenue of a product depends on the price of the last good that was sold and on the productivity of the good. In case of a football player, the marginal revenue i.e. the price the clubs are willing to pay for a player. This price also includes the ability of the player to draw sponsors and advertisements money. In a way, this is directly dependent on the media popularity fo the football player. Earlier, the amount of the transfer price has not been very high, which has increased exorbitantly in the recent years. Many believe that the high price paid to the footballers is due to the higher media popularity paid to the player. Many television channels and media houses willingly pay premium sponsorship prices to get a particular player to endorse their program or product. This again incr eases the market value of the player. For instance, Manchester United may just have to pay a meagre sum to its employees as they hire only few people but they earn revenue of  £1 million per game, which is much higher than what they pay . Bargaining Power From the point of view of the bargaining theory, a player who has a unique and commendable skill sets and is popular with the media would be in a better position to bargain with the clubs while a transfer cost is being determined . The reason being, even the player is aware of the amount of revenue he can fetch for the club through good performance on the field as well as through sponsorships.Advertising We will write a custom essay sample on Price of Football Players specifically for you for only $16.05 $11/page Learn More Further, the marginal productivity of a player is not assessable. But a good player can help his team to perform better and therefore, the skills he has a footballer would help th e team to gain a higher position in the league matches which would increase the popularity of the club. For instance, Messi is a great asset for Barcelona, as he almost singlehandedly helps the club win, as well as become the champion. A player of his calibre would definitely fetch a higher price for he has a higher level of skill sets and performance to offer . Therefore, a player who has the potential to make the club win or reach the finals or semi-finals of the premiere leagues would definitely have a higher bargaining power as well as price. Sponsorship Another aspect that has a strong influence on the price of the football players is the sponsorship that he can draw. For instance, David Beckham, Messi, or Christiano Ronaldo is the poster boys of all big companies who are the primary sponsors of football. As these players are immensely popular with the football watching and non-watching audience, they have a higher endorsement price that eventually goes to the club. Therefore, if a player is media friendly and is priced high by the media, he would eventually cost high to the clubs too. Other Factors Another factor that may have an influence on the transfer cost of the players is their degree of competitiveness. The clubs in the English Premier League are highly competitive and they vigorously compete against each other for a good player. Therefore, when the demand for the good is very competitive, this would increase the price of the product, supply being constant. High bidding on a player from the top clubs also results in higher costs of players. Furthermore, there are rich clubs who are willing to pay a very high price for the right player and this knowledge in the market increases the expectation as well as the price of the footballers. Price of a player is dependent on various factors. However, the whole mechanism of the bidding prices and the price is determined through the process of demand and supply interaction as explained through economic theor ies.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More References Andrear, L 2007, Are football players paid too much?, http://www.helium.com/items/217870-Football-News-Opinion. Bowman, B 2011, Is international football migration simply another type of labour migration?, http://www.academia.edu/2535233/Is_international_football_migration_simply_another_type_of_labour_migration. DevecioÄŸlu, S 2011, The Valuation of Human Capital in the Football Player Transfer Market, http://www.academia.edu/836938/The_Valuation_of_Human_Capital_in_the_Football_Player_Transfer_Market. Dobson, S Goddard, J 2011, The Economics of Football, Cambridge University Press., Cambridge, UK. Economics 2007, Economics of Football – Players Wages, http://econ.economicshelp.org/2007/09/economics-of-football-players-wages.html. Economics 2013, Economics of Football, http://econ.economicshelp.org/2007/09/economics-of-football.html. Kà ©senne, S 2007, The Economic Theory of Professional Team Sports, Edward Elgar Publishing, London. L’histoire de sa vie 2008, You lack a rudimentary understanding of market economics, http://www.nathan-miller.com/you-lack-a-rudimentary-understanding-of-market-economics/. Quinn, KG 2009, The Economics of the National Football League: The State of the Art, Springer, London. Transfermarkt 2013, Premier League – England, http://www.transfermarkt.co.uk/en/premier-eague/letztetransfers/wettbewerb_GB1.html. This essay on Price of Football Players was written and submitted by user Allan Powers to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Strategic Thinking Analysis Essay Example

Strategic Thinking Analysis Essay Example Strategic Thinking Analysis Essay Strategic Thinking Analysis Essay The main theme of the movie is to show the different idealisms of the life in the Americas during the early centuries of industrial development. Most likely, getting a job has been a struggle during those times, making the main character [played by Will Smith] experience deep depression when he was left by his wife with their son for him to bring up. The clear picture of describing how the life in America was like during those years actually made it possible for the movie to capture the interest of the viewers. The determination of the father to continue assisting his son and himself as well to be able to survive the challenges is what makes this movie strong, powerful and continuously relative to the situations that people at present face as they particularly deal with the situations presented to them by the present world systems. The Presentation of the Theme: As mentioned earlier, the movie talked about serious issues that dealt with economic hardships and how human behavior actually attests to the fact that the said challenges could be dealt with through the application of ample determination and self-trust that could primarily be derived from an individual’s strong wanting of surviving the tests that they are facing at certain times. Most of the parts of the movie showed how a father tried to survive for his son despite the fact that they did not have any stable place to stay in. The scenes were much touching especially considering the fact that the father shows much interest on how his son is being cared for amidst all the odds that they had to face as a team. Later on, his efforts paid off and finally got both of them [the father and son] a decent place to stay in and a fine life they could live with The presentation of the film’s theme could strongly be considered rightful on the part of the serious situations that some people are still living with today. It is undeniable that people today sees a lot of opportunity to be able to survive the tests of life. However, without the individuals’ determination to struggle through the different tests presented to them, although there are the opportunities present in the society, surviving life may not be that easy to pursue. The movie shows the importance of being strongly inline with the ambition that he has for him and his family with regards the things that he does in order to reach the said aspirations he has in life. Television versus the Big Screen: In my opinion, I could say that the movie presentation is better done in the big screen. The idea is that the emotional display of the characters as presented in the movie becomes more obvious in comparison with that of the presentations made through the television programs. Most likely, in my view, I have been more affected by the theme of the movie when I first watched it in big screen than when I saw the movie in the television. The intensity of the emotional display becomes more real through the obvious presentation of the facial expressions, better sound system and better lighting processes as seen in big screen than in television set-ups. Movie versus the Printed Novels: The presentation of emotional intensity is much obvious in the movie set up. The novel however makes it easier for the reader to take note of the situation through the imagination thus making it easier for them to make possible thoughts on how the situation actually happens which also makes it easier for the readers to relate easier to the kind of life that the characters are dealing with in the story. The advantage however of the movie based presentation is that the situation could still be intensified by the lighting effects as well as with the rightful application of sound within the background of several important scenes within the movie. Hence, in this regard, it becomes much easier for the watchers of the movie to actually catch the theme of the story as the movie is being played. Whereas, in books, usually, catching the theme of the movie is done in a longer time since the reading process becomes more intensified as it proceeds further through the length of the story. Conclusion: It is undeniable that the advantage of the movie presentation from the printed novels could only be identified through the discretion of the individuals trying to get the information they want through whichever process they prefer. The idea is that the understanding of the theme or the main idea of the presentations as per noted by the authors or the writers of the stories is based upon the preferences of the individuals. Reference: Thomas Elsaesser. (2002). Studying Contemporary American Film: A Guide to Movie Analysis. A Hodder Arnold Publication. nbsp;

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Rolls-Royce and the Stock Market Case Study Example | Topics and Well Written Essays - 2750 words

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United States Economic Situation Essay Example for Free

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Life Without N Sync - A Satirical Essay :: essays research papers

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How are social change and changes in knowledge linked?

It will then proceed by discussing aspects of social change in history, in particular how changes after the 2nd world war challenged old and traditional systems of knowledge. In this discussion this essay will focus on two dominant systems of knowledge, medicine and religion, and in what way the changing role of women in society has challenged these knowledge systems. With regard to religion this essay will also discuss the development of new age beliefs in today's society with relevance to the question is religion in decline? This essay will aim to use relevant examples in this discussion in order to reach a conclusion of the link between social change and changes in knowledge in our society. So lets begin by answering the question what is knowledge? ‘All knowledge is produced, collected, collated and disseminated by human beings living in societies.' (Goldblatt 2000). It is inherited through the language we learn in our daily lives. We use many different sources of knowledge in order to understand where we Come from, who we are and the society within we live it shapes what we know and what we don't know. It is the social structures and institutions within society, which shape the content of knowledge systems, be it in medicine, religion, the political ideologies and so on. They decide who holds the power in within these knowledge systems.' They determine, for example, who has access to specialized knowledge languages (like medical training) and who has socially sanctioned and legal authority to make pronouncements on a given subject.'(Goldblatt 2000). Aside from specialized or expert knowledge there is also a different type of knowledge known as common sense knowledge. This is knowledge, which we all inherit or learn from family and friends, or acquire through outside influences accessible to us such as media or the Internet. It helps us understand or gain alternative knowledge on issues such as our health for example. It often comes in the shape of old wives tales, which have been passed down through generations. The dominant knowledge systems such as medicine religion and so on are not fixed however and when social change occurs, they are forced to respond to these changes, and in consequence it is also knowledge that can then influence change in society and determine how we live our lives. Throughout history society has seen many radical changes within its dominant knowledge systems. We have witnessesed major advances in scientific research, medicine, changes in ‘traditional' religious beliefs and challenges to the dominant political ideologies, particularly following the Second World War. One of the foremost debates today is whether or not there has been a decline in the trust of expert knowledge within all aspects of society. There have always been experts with specialized knowledge even in ancient times. However years ago experts in their field be it science, medicine or religion were always trusted their knowledge was respected and believed as true, scientists, doctors, priests and the like. Although they were never completely unchallenged the authority of their knowledge was secure. However it could be argued that at this time people had no way of acquiring the knowledge to know any different and had no reason to challenge the experts. In time however new discoveries in science, medicine, and with new communication technology evolving all the time in all aspects of society, allowed people much more access to alternative knowledge and information. With this new knowledge people began to ask questions and have their say regarding issues of importance to them. Also new experts were emerging all the time to challenge old knowledge systems. ‘Debates that were once confined to a small circle of influential figures and institutions within each of these traditions are now amplified through the enormously expanded means of communication that now exists' (Goldblatt 2000) It could be fair to argue then that it is not so much that there has been a decline in the trust of experts but that the old and traditional and trusted knowledge systems have become more diverse due to the emerge of alternate forms of knowledge within society, for example, alternative medicine, new political ideologies and so on. Following the 2nd world war feminism had a huge impact for women in all spheres of society. Science, medicine and religion, had largely been dominated by men throughout history. Women had been pretty much excluded from all these dominant knowledge systems. It was men who held superior patriarchy power within all aspects of society. This allows us then to not only question and discuss gendered knowledge but to also look at the interrelation between knowledge and power within these knowledge systems. Lets look at the at a feminist approach adopted by Fox Keller, with relevance to women's place within medical science. She argues that knowledge production is gendered and shaped by patriarchy within social structures in society. ‘Modern science †¦ is based on a division of emotional and intellectual labour in which objectivity, reason and mind are cast as male and subjectivity, feeling and nature are cast as female. Science involves a radical separation of subject and object and ultimately the domination of mind over nature. The result is a popular conception of science – one that is more suited to men than women'. (Fox Keller). An example of this is the Royal Society founded by Charles II in1662. It was argued that the knowledge produced within this society was because of its ‘gentlemanly origins. They saw the importance of objective knowledge over subjective knowledge within the field of science and medicine. Women's knowledge at this time was ‘devalued and relegated to folk medicine' (Thompson and woodward 2000). It was due to the fact that women were excluded from higher education and therefore unable to attend medical universities, hence were unable to enter the medical field without training. ‘Power over Knowledge was used to maintain a structure in which women were systematically excluded from a male medical monopoly' (Thompson and Woodward) Today however, due largely to the emerge of feminism, women now have equality with men in the medical profession, and other dominant knowledge systems such as religion. As with medicine religion too was dominated by the patriarchy power within society. In fact it wasn't until 1992 that women were finally accepted into the priesthood. In contemporary society women have challenged the patriarchy of old and traditional religious beliefs in favour of new understanding of religion and what it means for them. Many women now focus on a more spiritual beliefs, one movement dedicated to this is that of eco-feminism. ‘Eco-feminism is a new term for an ancient wisdom. As women in various movements – ecology, peace, feminist and especially health – rediscovered the independence and connectedness of everything, they also discovered what was called spiritual dimension of life – the realization of this interconnectedness was itself sometime called spirituality†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.The desire to recover, to regenerate [this] wisdom as a means to liberate women and nature from patriarchal destruction also motivated this turning towards spirituality.'(Mies and Shiva, 1997, p,500). So it is fair to argue that due to social change brought about by the emerge of feminism women have challenged both gendered knowledge and the power of knowledge in medicine and religion. The rise of Eco-feminism however is just one of the many alternative or new age beliefs within religion today. Which begs the question of religion in contemporary society and whether it is in decline. Or could it be that as with the knowledge system of medicine or expert knowledge in general, religion has become so diverse due to social change and the emerge of alternative religious beliefs brought about because of these changes. Religion has changed significantly throughout history. Following the emerge of the Royal Society and the intellectual movement throughout the seventeenth and eighteenth centuries, known as ‘The Age of Reason', (Enlightenment), it was argued that ‘Science replaced religion as the dominant source of knowledge'(Woodward and Watt 2000) However religion has always played an important role for people within society due to the fact that unlike scientific knowledge it is religion, which helps us make sense of the moral issues that, can affect us in our daily lives. Social scientists debate into the question is religion in decline is known as the secularization thesis. Some argue that it is modernization, which is a threat to traditional religious thinking by citing new age beliefs as being responsible for this. Some argue that people now fill their time with other leisure activities instead. It is also argued that other forms of thought have taken over religion such as science for example. The fact also that the UK is now a multicultural society means there are many diverse forms of religion apart from the church of England. There are two main approaches in this debate positivist, whose approach is based on observing peoples behaviour toward religion. They use quantitative evidence such as questionnaires and surveys, which is argued may be limiting. The interpretative approach however would argue humans cannot be observed in the same way as objects. There aim is understand what religion or people's beliefs mean to them and aim to explore those meanings from different perspectives. It can be argued that religion in contemporary society has become a significantly diverse knowledge system. Ethnic beliefs, women's challenge to patriarchal religion and the emerge of new age beliefs, be it alternative medicine or green issues have meant that the traditional Church of England the dominant form of religion any more. So in conclusion then this essay began by defining what is knowledge. It then proceeded by questioning expert knowledge with regard to social change. It then focused on two dominant knowledge systems medicine and religion and discussed how the emerge of feminism challenged the knowledge systems. Lastly it discussed briefly the role of religion in contemporary society and questioned whether it is in decline and the relevance of women's, ethnic and new age beliefs. It is fair to argue that the discussion in this essay does conclude that there is a significant link, not only between social change and knowledge but knowledge and social change.