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Tuesday, April 13, 2004
Economic impact of conventions?
Sports economists have basically concluded that publicly built stadiums do not have a positive net economic impact on the host city that pays for the stadium. Isn't it more likely that a convention should have a positive net economic impact? After all, a convention requires relatively little infrastructure and therefore should have a relatively low marginal cost to the host city.
This article suggests that the Democrat convention in Boston this year might actually have a negative net economic impact. Why? Because the convention will impose indirect costs on Bostonians that might swamp the direct benefits from the convention.
Savannah hosts a G-8 convention latter this year. The general concensus is the same. Savannah will be so overrun with press and protestors that decent money-spending folks will avoid the city leading to a net loss for the downtown businesses.
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