Talk of The Villages Florida - View Single Post - Have paydays in sports gotten obnoxious?
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Old 08-29-2022, 09:55 AM
spinner1001 spinner1001 is offline
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Quote:
Originally Posted by golfing eagles View Post
First of all, I agree with you, I'm a believer in capitalism and free markets. However, our markets are not necessarily "free".

Ever hear of RVRBS? (Resource Based Relative Value Scale). This is the system used by CMS (Center for Medicare Services) and most 3rd party payers for physicians. This system, approved by "committee", sets payments for all medical services. There is no "free market", no negotiation, you either accept the decision of the "committee" or not participate in Medicare and any insurance that uses RBRVS. BTW, this system was developed 40 years ago by a Harvard economist who had no idea of medical services and their value, resulting a deeply flawed system that vastly overpays for "new" procedures and technology.

Another example: By regulating the number of hours a long haul trucker can drive (not necessarily a bad thing), the government in effect limits his income.

There are many more examples, but this gives the poster who stated surgeons are paid less than sports figures an idea of why. (Not so much why the sports figure is paid so much, but why the surgeon is paid relatively little)
While the present system is the best, it is not perfect. No economic system is perfect. There are only systems that are better or worse. Take your pick!