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The Economic Value of Sports on National Development - Research Paper Example

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Synthesis and summary Summary Book Chapter summary PART II: Event Impacts Assessment, Chapter 2- A Critical Socio-Economic Assessment of the ICC World Cup Cricket on the Hosting Caribbean Territories The chapter explores a critical evaluation of the socio-economic impact of the ICC World cup cricket in 2007 on the Caribbean countries where it was hosted…
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The Economic Value of Sports on National Development
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Download file to see previous pages The chapter provides a brief scrutiny of various researches done by many researchers regarding the positive economic impact of different types of sports in the USA. Then the chapter illustrates the associated economic development of the places influenced by this major sporting event. Findings propounded that there was an accelerated growth encountered in the regional private sector, sports development, and tourism sector and so on. They also saw the establishment of several craft villages and small businesses which enriched the cultural development of the places. Apart from that, great prospects for future development were also chalked out as a spillover effect of this mega sporting event (Jordan et al, 2011, pp. 25-41). Journal article summary - The Economics of Sports Facilities and Their Communities From the period of 1950s, the main sources of stadium building for the privately owned professional teams have been the taxpayers. The team owners, as well as the associated technical personnel, have claimed that the effects of these professional games are the major enhancer of the local economic activities. But the scenario which is revealed in this paper through diverse economic logic, as well as evidences, show opposite consequences with respect to the above stated concept. It has been found that with respect to professional games, there has been a neutral effect towards the local economic development. Various reasons like substitution effects, multiplier effect and so on has been conjectured for explaining the notion. The support of public for the stadia is carried on by the demand driven by the image of the community. But the owners of the team apply a scarce supply to the improvement of the image. With this type of behavior, they fetch a significant amount of monopoly rents from the taxpayers. The paper directs towards the implementation of reforms which will be able to disperse the monopoly operations of the sports leagues when they enter into negotiation with the host communities for their teams (Siegfried & Zimbalist, 2000). Synthesis The book chapter and the journal article can be synthesized to form some concrete ideas about the economic value of the sports which leads to the national development. Both pieces of literature deal with the economic value creation in a nation. Both studies concentrate on the development of regional as well as local areas with the incorporation of the sports infrastructure development. A very general concept is that today huge money flows with sports which is one of the prime sources of entertainment and includes a strong sense of nationalism and incorporates hardcore business perspectives. The main area of deviance between the two works is that they try to reach the same point but by applying different research outlook. The research elements of the journal article pose a much stronger logical base structure by applying a complimentary theory to reach the aim that sport really adds to the economic development of the nation. Various economic factors come into the forefront while discussing the impact of sports on development which needs to be thoroughly testified with suitable data. The findings of the paper incorporate economic theories and show that the investments get attracted as well as implemented. But they also point out that it is an internal process of the sports management of the ...Download file to see next pages Read More
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