In a recent Washington Post article, Victor Matheson, professor of economics at the College of the Holy Cross, warns Washington, D.C. about bidding for the 2024 Olympics. Matheson’s research reveals that host cities spend a lot of money on the event, but only receive minimal economic benefit.
Matheson further explained, “If you want to go a little deeper, you can say that a lot of U.S. cities, including D.C., are fairly well-positioned to hold the Olympics at a reasonable price. The problem is that the International Olympic Committee doesn’t want to host the Olympics in a city that’s saying, hey, we can do this on the cheap. The bids that make economic sense are the bids that have no chance of winning. And the bid that will end up winning won’t make economic sense.”
This “Holy Cross in the News” item is by Sara Bovat ’14.