, June 6, 2011.
Between May 2010 and May 2011
According to the Census Bureau, real median household income was $49,445 in 2010.
Mrs. Billington’s fabulous ?10,000 income
CF e-mail correspondence with Peter Lindert, June 25, 2012.
Mickey Mantle, the New York Yankees star hitter
, www.baseball-almanac.com/players/player.php?p=mantlmi01.
Compare that with Alex Rodriguez
Salaries database, http://content.usatoday.com/sportsdata/baseball/mlb/salaries/player/alex- rodriguez.
Adjusted for inflation, Rodriguez’s earnings
According to the Major League Baseball Players Association, the average salary for a Major Leaguer was $3,095,183 in 2011.
In a study of concert ticket prices
Alan B. Krueger, “The Economics of Real Superstars: The Market for Rock Concerts in the Material World,”
23:1 (2005).
“very, very lucrative”
Chrystia Freeland, “The Rise of Private News,”
, July/August 2010.
As late as 1920
Mary Schenck Woolman,
(Lippincott, 1922).
“For much of the twentieth century, labor and capital”
Roger L. Martin and Mihnea C. Moldoveanu, “Capital Versus Talent: The Battle That’s Reshaping Business,”
, July 2003.
“In the knowledge society the employees”
Drucker, “The Age of Social Transformation.”
Wall Street investors, such as hedge fund managers
Steven N. Kaplan and Joshua Rauh, “Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?,”
23:3 (March 2010). pp. 1004–50.
“When I graduated from college”
CF interview with David Rubenstein, April 27, 2011.
But the real mass revolution sparked by the rise of entrepreneurial finance
Christine Harper, “Goldman CEO Blankfein Gets $67.9 Million Bonus, New Pay Record,” Bloomberg News, December 24, 2007; David Segal, “$100 Million Payday Poses Problem for Pay Czar,”
, August 1, 2009.
We got a glimpse of that way of thinking when federal agents
Suzanna Andrews, “How Rajat Gupta Came Undone,”
, May 23, 2011.
twenty thousand people competed
Michael Klein and Michael D. Schaffer, “City Slivers Seen on Philly ‘Idol,’”
, January 17, 2008. Just 0.1% of Philadelphia contestants made it to the next round of
auditions; in contrast, 7.1% of applicants to Harvard were admitted that year.
Merton found that scientists who published frequently
Merton, “The Matthew Effect,” pp. 56–63.
You can see the same power of accidental celebrity at work
Alan T. Sorensen, “Bestseller Lists and Product Variety,”
55:4 (December 2007), pp. 715–38.
Matthew Salganik and Duncan Watts tested
Matthew Salganik and Duncan Watts, “Leading the Heard Astray: An Experimental Study of Self-Fulfilling Prophecies in an Artificial Cultural Market,”
vol. 71, no. 4, 2008, pp. 338–355.
sent a memo
Jeffrey Katzenberg, “The World Is Changing: Some Thoughts on Our Business,” Walt Disney Company memorandum, January 11, 1991. http://www.lettersofnote.com/2011/11/some-thoughts-on-our- business.html.
The ideas Katzenberg laid out in his 1991 memo
Eduardo Porter and Geraldine Fabrikant, “A Big Star May Not a Profitable Movie Make,”
, August 28, 2006.
The terms of the deal were undisclosed
Bernard Weinraub, “Disney Settles Bitter Suit with Former Studio Chief,”
, July 8, 1999.
cost Disney $47 million to produce. See James B. Stewart,
(Simon & Schuster, 2005), p. 111.
“the stewards of a rich man”
Smith,
, Book V, Chapter I, Section 107.
a seminal paper published in 1931
Gardiner C. Means, “The Separation of Ownership and Control in American Industry,”
1931.
“the princes of industry”
Adolf Augustus Berle and Gardiner Coit Means,
(Transaction Publishers, 1932), p. 4.
“different from and often radically opposed to”
Ibid., p. 114.
