Does hosting the World Cup pay off?

The economics of sporting mega-events, and a useful counter to the assumption that hosting must be good for growth. Taylor sets out the hoped-for boost to spending and 'animal spirits', then marshals research showing host cities usually lose money: $9.3bn of losses around USA 1994, no lasting employment effect from Germany 1974, and $13,000 of stadium cost per tourist for South Africa 2010. The twist is Marco Mello's finding that winning, not hosting, delivers the real boost, via exports and national standing. Good for cost-benefit analysis, confidence and animal spirits, and evaluation practice on government spending. Accessible to all students and a strong source of counter-intuitive evidence for essays on the value of prestige projects.  Read here