Economic Aspects of the Olympic Games

Paper Summary:

This paper analyzes how the Olympic Games impacts the host city economically. It uses New York City as an example of how hosting the Olympic Games in a metropolis area by building up infrastructure and allowing growth in different areas of the business sector. It also shows how hosting the Olympic Games can also have a large economic toll on a city depending upon various factors.

From the Paper:

"This data on spending and requirements of funds to host the Olympic Games in the U.S. over the past two decades illustrates the general trend for how allocation of funds has changed. The cost of hosting the Games has increased tremendously, from $363 million in the Winter Games in 1980, to $2.4 billion for the Summer Games in 1996. The amount of funding by government at all levels has increased in order to meet the increased costs of hosting the Games. The percentage of the cost covered by the federal government has decreased, from covering 50% of the costs in the Lake Placid games of 1980, to covering 8% in the Atlanta, Georgia Games of 1996. "

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