Ex-Fed Chairman on Team Studying Baseball Economy

Paul Volcker has dealt with the nation’s economy. The former Federal Reserve Board chairman now will be looking at something even more Byzantine: baseball’s economy.

Volcker and Rockefeller Foundation Chairman Peter Goldmark were picked by management for baseball’s six-man Economic Study Committee.

David Feller, a law professor at UC Berkeley, and Henry Aaron, director of Economic Studies at the Brookings Institution, were chosen by the Major League Baseball Players Assn. Aaron is not related to Hank Aaron, baseball’s all-time home run leader.

Milwaukee owner Bud Selig, chairman of management’s Player Relations Committee, and union chief Donald Fehr will be co-chairmen of the commission.

The committee is to examine, among other things:

* The relationship between club revenues and on-field success;

* The extent and nature of revenue-sharing among clubs;

* The effect salary scales would have on the major leagues, and,

* Trends in media markets and club location and franchise values.