Economic Impact of the London 2012 Olympics
- Publisher:
- Nottingham University Business School
- Publication Type:
- Other
- Issue Date:
- 2005-05
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On 6 July 2005 the International Olympic Committee awarded the right to stage
the 2012 summer Olympic and Paralympic Games to London. The decision to
bid for the Games is a politically contentious one, with many arguments that
support the benefits that such “mega events” bring and many arguments that
highlight the detrimental effects that they can incur. This political decision is
further complicated by the existence of groups in society that benefit from the
hosting of such events and other groups that lose out because of them; and
because of pressure groups that exist on both sides of this argument. This
paper examines the economic benefits and costs of hosting the Olympics, in
parallel with other studies that have estimated other social and environmental
costs and benefits. The objective is to use the most appropriate form of
methodology to examine the net economic consequences of hosting the Games
for both the UK as a whole and for London. The net benefits are found to be
positive, and large relative to the investment in the bidding process, although
smaller than previous studies that have tended to examine gross effects
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