A sense of relief

At heart, perhaps we are all still seven years old. Or maybe I should just speak for myself. Part of me is still the only Met fan on my block, growing up in the Bronx towards the tail end of the last pre-Steinbrenner Yankee empire, while the Mets were still as pitiful as they have often continued to be. "Ron Hunt is better than Bobby Richardson!" was the only argument I could even make, and somehow we all had the strange belief that our teams' ability and merits said something about ours.

Nonetheless, I am not unreasonable or vindictive. It's absolutely fine with me for the Yankees to make the playoffs say, once every three years or so, and to win a world championship once every fifteen years or so, even though these are above the per-team average.

When the Yankees threaten to win every single year, however, with their obscene $205 million payroll, playing teams with 40-man rosters that are only 25% as high (or in the Angels' case maybe 40 to 50%), it gets sickening, and it gets really old. I don't even enjoy it when they lose (unless it is especially humiliating for them, like last year), so much as I am relieved - thank goodness that's over; now I can enjoy the rest of the playoffs; why couldn't they have lost even earlier and spared me a lot of anxiety.

Let them compete under fair circumstances, and I would complain less (also they would win a whole lot less). The regulatory way of doing this is salary caps. The free market solution would be allowing unlimited team movement, which would cause more teams to enter the NY area until an equilibrium was reached where the expected return from a franchise in NY was no greater than that from one in Pittsburgh or Kansas City.

As conservative and liberal economists would readily agree, often there is nothing worse than a market that is half-regulated. Case in point: the savings & loans crisis of the late 1980s. Better to restrict S & Ls' permissible investment choices, even if in a narrow and hidebound way, than to let them invest however they like with the owners getting the upside and the US government (via bank insurance) getting the downside. In other words, even if a fully free market was best, a fully regulated market was better than one half-regulated and half not.

Similarly, let's make the Yankees compete either with less regulation (teams can go wherever they like) or else with more (salary caps) and see how well they do. My guess is that a playoff spot every three years and a championship every fifteen is way on the high side as an estimate.