(07-10-2013 06:37 PM)arkstfan Wrote: I think high school geeks who come up with killer software that will make millions (or at least thousands) of dollars shouldn't be able to sell that software until they've completed ___ years of college.
I understand the analogy, but the main difference is that the killer software is being sold in a legit free market, whereas a pro sports draft is explicitly a closed market that would be a collusive anticompetitive practice in any other venue. (Imagine all of the top investment banks getting together and holding a draft for the best MBA students amongst themselves.)
To be sure, I agree that there's a real tension here. As a theoretical matter, I think that if you're good enough to play in the NBA at 18 years old, then you should be able to play. Like I've said before, if only the LeBron-type players would enter into the draft out of high school and the NBA teams would only draft such LeBron-types (as opposed to 18-year olds purely based on potential instead of the ability to play immediately), then having no age restrictions in the NBA draft would work. In a real free market, that type of self-selection process would generally occur at a macro level.
The problem is that it has been proven that it doesn't work in practice because the draft is the antithesis of a free market: too many high school kids that aren't good enough ended up entering the draft and too many of those kids were drafted on a speculative basis by teams. This can work in baseball because high school draftees are expected to spend several years developing in the minors and the wheat can be cut from the chaff in relative obscurity. In contrast, the NBA is a star power sport where lottery picks are expected to contribute immediately, a bad first round draft pick bust can set a franchise back for 5 to 10 years, and it's all being done in front of huge ESPN and TNT audiences from day one.
To go back to your software developer analogy, it's true that a college dropout like Bill Gates or Mark Zuckerberg can go out and develop and sell that software without any restrictions. However, if you're a programming wunderkind that attempted to apply for a job at Microsoft or Facebook today without a college degree, your resume would most likely get thrown in the trash. Same thing if you have shown to be a financial wizard in high school - a bank or trading house on Wall Street still isn't hiring you without a college degree.
Plenty of people (including many of us here) could probably have done our jobs with on-the-job-training straight out of high school as opposed to going to college, yet the fact is many of those jobs simply require a college degree as a minimum to apply at all. So, I don't see how a "normal" company having a requirement of a college degree (or higher) to apply for a position as any different than an age restriction by the NBA where there are only 60 draft spots for the most widely-played American sport and there's a lot of high risk and investment by each team for each draft pick.
That's a reflection that established entities (like major corporations or the NBA) can't afford to take risks on unknowns in the same way that a startup firm that's based in a garage.