The Peculiarities of Labour Relations in Professional Football - are Players' Wages 'Fair'?

Public opinion on professional football in Europe tends to the view that the salaries of athletes are 'too high'. Existing empirical studies, as well as economic theory, suggest the opposite is true. Only a few players earn high wages, due most likely to innate characteristics of the market both on the demand and production sides. A substantial rise of salaries during the second half of the 20th century came chiefly from the introduction of TV broadcasting and the increased interest in watching sports as a form of entertainment. While the peculiar institutional setup of the labour market long contributed to the underpayment of athletes, reforms over the last several decades have improved player wages. Moreover, it is difficult to present a strong argument for limiting athletes' salaries, from the perspective either of fans or society.