Construction Junction
There's a DC City Coucil hearing on the Stadium Construction issue and, according to the Washington Post, over 170 people have signed up to speak, making it one of the largest hearings on record.
I'm a bit squeamish about the economic value of stadium. Everything I've read says they have zero economic impact. And Johns Hopkins Economic Professor Bruce Hamilton even argued that they have negative impact. In the case of Camden Yards, his study found that construction and maintenance costs Maryland residents around $15 per year.
Just in time for today's hearing, the CATO Institute decides to befoul the punchbowl. I'm torn! It's hard to argue with their numbers (and the numbers of so many other economists in so many other areas). But at the same time, I just wanna yell at them to shut up! It seems different this time. It's our team, damnit! But, i guess that's what economics is good at--not letting emotions stand in the way of good facts. *sigh*
Perhaps Hamilton had the best compromise:
I'm a bit squeamish about the economic value of stadium. Everything I've read says they have zero economic impact. And Johns Hopkins Economic Professor Bruce Hamilton even argued that they have negative impact. In the case of Camden Yards, his study found that construction and maintenance costs Maryland residents around $15 per year.
Just in time for today's hearing, the CATO Institute decides to befoul the punchbowl. I'm torn! It's hard to argue with their numbers (and the numbers of so many other economists in so many other areas). But at the same time, I just wanna yell at them to shut up! It seems different this time. It's our team, damnit! But, i guess that's what economics is good at--not letting emotions stand in the way of good facts. *sigh*
Perhaps Hamilton had the best compromise:
"To me, the question is not should we build a stadium because it will
generate economic growth, because it won't. We should say, 'It will cost you $10
to $15 a year to keep the Orioles. Do you want it?' If Maryland voters say yes,
I say fine. I'd probably vote for it on those terms. And if the public votes it
down, let the team go."
posted by Chris Needham at
8:48 AM
1 Comments:
Location is certainly a factor--but their basic argument, if i can recall properly--is that the money being spent on going to ball games and the area isn't 'new' money. It's money that would ordinarily go towards other things--concerts, museums, bars, etc. The only extra money would be from out-of-towners/staters who are making a special trip JUST for the ballgame. But the majority of fans in the seats are usually locals.
Here in DC, it'll be interesting. With the three jurisdictions, i'm sure DC will see some added revenue that they ordinarily wouldn't get at the expense of VA and MD. I know that I rarely spend any money in DC, other than the $5-$10 I spend on lunch at work. With the Expos in town, I'd definitely increases that spending, shifting my tax revenue from VA to DC.
It's a complicated issue and as with all projections, you can argue what you want with the numbers for the most part.
By
Chris Needham, at 10/27/2004 10:22 AM
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