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Won’t Someone Please Think of the Children Competitive Balance?

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Even after a tipping point, the status quo will always have its defenders. Jon Chait, for example, has a defense of the practice of banning third-party payments to NCAA players:

Oops, wait, it’s actually here. You may not be surprised to discover that I find his defense highly unpersuasive. In particular, the argument that exploitation is necessary to protect competitive balance is highly dubious in theory and makes no sense even on its own terms. But read the whole etc.

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