Miami Heat's Eddie Jones IS Worth 84 Million

For the past couple of days the topic on Sports Talk Radio (My personal favorite is 790 The Ticket) has been Eddie Jones. I don't know the history of Eddie Jones nor do I really care. From hearing the show's host and the callers here is what I have figured out. Apparently Eddie Jones has a contract that will pay him 84 Million Dollars. Now, it seems that he is not playing like someone who is being paid 84 millions dollars. The callers complain that he is making that much money but he is not producing and therefore is overpaid.

I am not here to comment on Eddie Jones' playing skills. What I want to tell all of these people who call into the show is that there are two things in play here. Cost and Worth. I learned a couple of things in my High School Economics Class (Thanks Tim Shea!!). Cost and Worth was two of those things that seemed to stick with me. The difference between Cost and Worth is simple. The cost is what money goes into making the item, while the worth is how much is someone willing to pay for the item. So a pencil may cost only 5 cents but will be worth about 25 cents because consumers are willing to pay 25 cents for that pencil.

So, how does this apply to Eddie Jones? Well, someone decided to pay Eddie Jones 84 million dollars. At that very instant, Eddie Jones's worth becomes 84 Million Dollars. It does not matter how much Eddie Jones actually cost. The Miami Heat are willing to pay him the 84 so he is worth 84. That's the bottom line so please callers... SHUT UP and enjoy the playoffs... :-)