There have been many cries from across the political spectrum, expressing concern that CEOs are paid so much. Here is something I wrote to my friends in the quartet about the disparity (note that it is well-hedged):
It doesn't apply in auto racing, nor does it apply in any occupation which has high entry costs.
Indeed I have written about tournament theory in the (distant) past:
Tournament theory does not explain everything about pay and motivation. The point I'm trying to make, though, is that wide pay disparities likely have somejustification and some grounds in promoting productivity.