How much is it worth today

[steve B]

Lots of interesting stuff in these comparisons.

If you want to measure it purely on benefit to society then yes any entertainer is probably overpaid.

Unless you try to figure out the societal value of the enjoyment of millions of fans. I have no way to calculate that.

I will take exception to the concept at any level that a college degree is necessary to contribute to society. I have no degree, and I'm pretty comfortable saying I've contributed and continue to. Including at times fixing infrastructure like sewage treatment plants, and making a few minor pieces for the ISS. Few employees in restauraunts have degrees, but where would we be without them? Farmers too, although there are degrees available.
Or to stay with sports- how about the vendors in the stands? Probably few degrees there.

Players are paid so highly because so many of us are very interested in paying to watch them play. If you can find a few thousand people who will pay to watch for example an engineer design something, I'll find the venue and split the take 50/50 with whoever it is. That's sort of what the team owners do, if the players play well, or sometimes if they really don't, some people will pay to see it. So they rent/build a stadium, and use some of that money to hire a team.
The tv rights and the sales of stuff are the real money.

And the contribution for some teams is the increased business for places near the stadium. Not so much for places out on the outskirts of town, but around a downtown stadium like Fenway the benefit is substantial. How many people work for the surrounding businesses? How many of those businesses would be there without the stadium? cask and flagon probably, Twins probably not. A lot of the others would be somewhere else, but maybe not as busy. All of them pay some taxes, and we all benefit.

For the record, if anyone wants to watch me fix a bicycle or some other machinery I'd be glad to make some time for you -For a lot less than a ticket to a MLB game. (But probably a bit more than a minor league ticket) I'd also be happy to make a program for a bit extra, and even sell you a "jersey" for a hundred or so.
Give me a bit of time though, I'll have to make the jersey since I'm not expecting any takers on that offer. It will be "event worn" and I would probably sign it too (Road "games" extra and negotiable)

Steve B

[Shoebox]

We created an economy where our citizens have significantly lower tax burdens and greater disposable incomes than most other economies but we are annoyed that so much of this disposable income is spent on frivolous luxuries and entertainment.

Well here is what we can do. We can increase tax revenues to finance paying higher military salaries or making medical research or farming more lucrative and reduce people's disposal income so people don't have as much disposable income to spend on nonessential items and entertainment reducing the profitability of those industries. I don't see much support for that.