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Basketball shows high banker pay not a slam dunk

The only things I know about basketball are that Wilt Chamberlain was seven feet tall and that he scored a hundred points when he led the Philadelphia Warriors to victory over the New York Knicks in 1962. I know these facts because Chamberlain is a central figure in the seminal work Anarchy, State and Utopia by the American political philosopher Robert Nozick.

Nozick invites us to imagine a world that we think is perfectly just. But then Chamberlain appears, and we all have the opportunity to watch him play. Chamberlain insists that he will only take to the court if everyone puts 25c in a special box marked “for Wilt Chamberlain”. Over a season, a million fans consider 25 cents a small price to pay for this pleasure, and so his box contains a quarter of a million dollars. The fans who put their money in Chamberlain’s box are happier, Chamberlain is richer, and people who are not interested in basketball are in the same position as before. If the distribution before Chamberlain was just, how can you dispute the justice of the distribution after Chamberlain?

There are some practical problems about this story, but these do not concern great philosophers. Nozick wishes to argue that justice can never be defined by reference to the distribution of outcomes – which is what those who present egalitarian arguments try to do. Any such just outcome could, and would, be upset by voluntary transactions whose effect might be inegalitarian but which left everyone better off. Traders, celebrities and business people might struggle with Nozick’s philosophy but they love his conclusion. He offers a principled rationale for the claim that the outcome of a market process is not only efficient but just. Fairness should be judged by access to opportunity, not by the perceived fairness of the result.

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约翰•凯

约翰•凯(John Kay)从1995年开始为英国《金融时报》撰写manbetx20客户端下载 和商业的专栏。他曾经任教于伦敦商学院和牛津大学。目前他在伦敦manbetx20客户端下载 学院担任访问学者。他有着非常辉煌的从商经历,曾经创办和壮大了一家咨询公司,然后将其转售。约翰•凯著述甚丰,其中包括《企业成功的基础》(Foundations of Corporate Success, 1993)、《市场的真相》(The Truth about Markets, 2003)和近期的《金融投资指南》(The Long and the Short of It: finance and investment for normally intelligent people who are not in the industry)。

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