International Journal For Multidisciplinary Research

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Analysis of Labor Economics In The Motorsport Industry

Author(s) Vivaan Sheth
Country India
Abstract This academic review paper works on providing an in-depth analysis of labor economics within the global motorsport industry, focusing on critical elements such as driver salaries, team staff compensation, economics of talent acquisition, and the implications of labor disputes and contract negotiations. By examining data from major racing leagues including Formula 1, NASCAR, IndyCar, and MotoGP, the paper highlights the significant financial disparities in driver salaries based on league, team budget, and driver experience. The study reveals how the compensation of various team roles, from engineers to marketing personnel, contributes to the operational success and economic sustainability of motorsport teams. Additionally, the paper explores the strategies employed by top teams in talent acquisition, emphasizing the substantial investments made in securing and developing top-tier drivers. The impact of labor disputes and contract negotiations on team dynamics, sponsorship agreements, and overall industry stability is critically analyzed. Through this comprehensive review, the paper underscores the complexities and challenges of labor economics in motorsport, offering insights into the factors that drive competitive balance and financial health within this high-stakes industry. The findings advocate for strategic human resource management and equitable labor practices to foster sustained growth and innovation in global motorsport.
Keywords Labor Economics, Motorsports, Lorenz Curve, Economic Inequality, Driver Salaries, Team Staff Compensation, Talent Acquisition, Contract Disputes
Field Sociology > Economics
Published In Volume 6, Issue 3, May-June 2024
Published On 2024-06-17
Cite This Analysis of Labor Economics In The Motorsport Industry - Vivaan Sheth - IJFMR Volume 6, Issue 3, May-June 2024. DOI 10.36948/ijfmr.2024.v06i03.22904
DOI https://doi.org/10.36948/ijfmr.2024.v06i03.22904
Short DOI https://doi.org/gt2bxp
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