Chicago Bears’ plans for stadium in Arlington Heights excite many suburbanites — but with funding a big issue, economists caution about subsidies – Chicago Tribune*
Lake Forest College economics professor Robert Baade said such “pie in the sky” projections are often illusory. “We see white elephant stadiums and developments all over. It’s glamorous and seductive, but the economic realities are almost always disappointing.”
Well the Pontiac Silverdome was a hit when it first opened too. The newest thing in the mid 1970s was it was pressurized to keep the dome inflated and when you went back outside after the Lions lost another one, you sorta got “blown out.”
Professor Baade has this one right. Study after study demonstrate that there is relatively fixed amount of consumer spend on entertainment, and investments in stadiums don’t return because consumer spending overall doesn’t increase as a result of the investment.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Well the Pontiac Silverdome was a hit when it first opened too. The newest thing in the mid 1970s was it was pressurized to keep the dome inflated and when you went back outside after the Lions lost another one, you sorta got “blown out.”
Professor Baade has this one right. Study after study demonstrate that there is relatively fixed amount of consumer spend on entertainment, and investments in stadiums don’t return because consumer spending overall doesn’t increase as a result of the investment.