Olympinomics
“We do not find support for the argument of host city backers that the Olympics delivers positive economic benefits,” said Tsur Somerville of the Sauder School of Business.
Despite the optimistic projections from the BC Government over the past couple of years, the reality of the Olympics now is unavoidable. A report on November 20, 2002 projected $10.7 billion worth of economic growth and 244,000 new jobs. Unfortunately, when compared to reality and recent results from the Sauder School, these optimistic numbers far exceed the only one-tenth of one percent gain in economic growth.
Despite the lack of boost or bust Somerville comments in his report of the feel good factor. “While the findings suggest no economic gain, the Games still present a very real opportunity to celebrate excellence, athleticism and human achievement. The societal impact of valuing the Olympic ideals goes far beyond economic and politics. Hosting the Games ultimately reflects pride in our athletes, city and country.”
This feel good factor however in the long run could be very positive for Canada. The sense of nationalism and pride in ones country can go a long way. Although economically controversial in regards to the allocation of assets, the Olympics provide a sense of togetherness that is second to none.