An article from The Guardian on the 2012 London Olympics is titled “Will the Olympics get the economy growing again? Don’t bank on it.” It points out the academic research that shows (and showed back in 2008) that hosting mega-events is a stupid economic develpment plan. The article concludes
“Professor Stefan Szymanski, a specialist in the economics of sport at the University of Michigan, says the body of academic evidence shows “pretty conclusively” there are negligible economic benefits to hosting a major sporting event although it can be fantastic for a country’s morale. “Governments want to host these events because they are highly prestigious and hugely popular with the electorate,” says Szymanski. “If you tell me you’re going to have a party, that’s great – but if you tell me you’re going to have a party and get rich at the same time, then I’m not going to believe you.”
That’s pretty much how we called it in 2009.