posting
03-05-2007, 09:20 PM
Popular American academic Richard Florida is often mentioned in Kingston as an inspiration for the LVEC (Florida made an influential visit to Kingston several years ago). His comments on sports stadiums are all the more interesting as we plunge ahead with the building of the LVEC.
Stadium economics
"At a time when genuine political will seems difficult to muster for virtually anything, city after city across the country can generate the political capital to underwrite hundreds of millions of dollars of investment in professional sports stadiums . . . The most recent studies show that stadiums do not generate economic wealth and actually reduce local incomes. And ponder, for a moment, the opportunity costs of these facilities. Imagine what could be accomplished if the hundreds of millions of dollars were spent on university research or other things that actually generate economic wealth — or even the fine-grained neighborhood improvements and lifestyle amenities that attract and retain talented people . . . Why are most civic leaders unable even to imagine devoting those kinds of resources or political will to pursue the things that really matter to their economic future or to people?"
— Richard Florida, The Rise of the Creative Class
Stadium economics
"At a time when genuine political will seems difficult to muster for virtually anything, city after city across the country can generate the political capital to underwrite hundreds of millions of dollars of investment in professional sports stadiums . . . The most recent studies show that stadiums do not generate economic wealth and actually reduce local incomes. And ponder, for a moment, the opportunity costs of these facilities. Imagine what could be accomplished if the hundreds of millions of dollars were spent on university research or other things that actually generate economic wealth — or even the fine-grained neighborhood improvements and lifestyle amenities that attract and retain talented people . . . Why are most civic leaders unable even to imagine devoting those kinds of resources or political will to pursue the things that really matter to their economic future or to people?"
— Richard Florida, The Rise of the Creative Class