One can define entrepreneurship, at its most basic level, as rent-seeking behavior. This behavior can be productive, as when firms innovate to create new or better products or when they enter a market to increase output where price exceeds marginal cost. Rent-seeking can also be unproductive,...

In an earlier paper, Kowalewski and Leeds showed that free agency and the salary cap brought profound changes to the level and nature of players' salaries in the National Football League (NFL). Their study is limited, however, by the fact that--unlike most other professional athletes--football...