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¶ … Olympics a Waste of Money?
Over the years, the Olympic Games have withered many trials including but not limited to boycotts, wars and poor organization. Further, there have been claims that the benefits derived from the Games do not justify the costs. In that regard, some continue to view the Olympic Games as a waste of money. Those of a similar opinion are convinced that the money 'wasted' in seeing the Olympics through would rather be used to help the poor. Despite the challenges as well as criticism that has been leveled against the Olympic Games over time, the relevance of the Games from both an economic and social perspective cannot be overstated.
Are the Olympics a Waste of Money?
In the words of Humphreys and Howard (2008), "sporting events produce two types of economic benefits: direct and indirect." In the opinion of the authors, direct economic benefits in this case include but they are not limited to the net spending by visitors/tourists who come to witness the event, improvements made on the locality's infrastructure, etc. Indirect benefits on the other hand according to the authors include enhanced advertising that rises the profile of the city hosting the events, etc. As the authors further note, the only difference between the Olympic Games and other games is the number of fans, participants as well as officials involved. Unlike other sporting events, the Olympic Games attract a significant number of participants and fans. In that regard, the economic benefits I identify above apply in the Olympics as well. Indeed, as Humphreys and Howard (2008)...
Given that the Olympics are not a single day event, those who come to witness the same spend at least a couple of days viewing their favorite games. Given that visitors need food, beverages and a place to sleep, businesses offering the relevant goods and services benefit significantly in terms of increased revenue. According to Humphreys and Howard (2008), prior to the Olympics, venues have to be constructed and updated. Venues subject to changes and/or modification include "facilities for the actual competition, accommodations for the participants, and visitors, and facilities for the army of media covering the Games." The authors further point out that significant resources are also spent constructing the necessary infrastructure to facilitate the movement of fans, officials as well as participants from one venue to the other. It is however important to note that with the said investment in infrastructural development, the local community stands to benefit most in terms of employment opportunities and better infrastructure.…
References
Anderson, R. (2012, August 12). Olympic Legacy: White Elephant or Economic Viagra. Retrieved October 5, 2012, from the BBC website: http://www.bbc.co.uk/news/business-19191758
Humphreys, B.R. & Howard, D.R. (2008). The Business of Sports: Perspectives on the Sports Industry. ABC-CLIO.
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