How much can a one-dollar bill buy? Well, one dollar’s worth, right? But, what happens to that dollar after you spend it? It goes to someone else and then they spend it and it goes to someone else and they spend it and on and on down the line. In 2014, the average one-dollar bill had bought $638 worth of goods and services by the time it was removed from circulation. There’s even a term for this phenomenon — one with which, as a baseball fan, you’re likely familiar, although in a different context. It’s called the “velocity of money,” and you can see how this might tell us something useful about the economy.
Of course, it tells us nothing useful about baseball players. But what about baseball players themselves? Do ballplayers have a velocity? Some do, it would seem.
Unlike dollar bills, ballplayers are all a little bit different from each other in ways that alter their value. But like dollar bills, baseball players are used as currency to make trades for other baseball players. To figure out a player’s “velocity,” we could add up the total value of all the players teams acquired in exchange for him since the time they were traded for each other. We’re not concerned for which team that value was generated or how much the player was paid at the time. The only issue here is how much value an individual player has generated in terms of total career value in return.
Take, for example, the case of Mark Teixeira. Despite having now spent over half his career with the New York Yankees, Teixeira was integral not merely to one, but two, relatively high-profile deals — first for Casey Kotchman and then, in a second deal, Elvis Andrus, Neftali Feliz, Matt Harrison, and Jarrod Saltalamacchia. Kotchman has been worth a total of -0.1 WAR since he was dealt for Teixeira, while Andrus, Feliz, Harrison, and Saltalamacchia have been worth 18.7, 4.7, 7.5, and 8.9, respectively. Thus, Teixeira has bought 39.7 WAR over the life of his career. That figure, just under 40 wins, represents his “velocity.”
When I first came up with this idea, I thought the thing to do was to explain the concept and then apply it to a comprehensive list of all transactions and develop a list of players who’ve produced the highest velocity in their careers. Sounds vaguely interesting, right? Okay, let’s do this!
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