A Touchdown for Subsidies
Football stadiums may not make economic sense for cities, but they do bring something often overlooked: pleasure.
“Should Cities Be Ready for Some Football? Assessing the Social Benefits of Hosting an NFL Team” by Gerald A. Carlino and N. Edward Coulson, in Business Review (2nd qtr., 2004), Federal Reserve Bank of Philadelphia, 10 Independence Mall, Philadelphia, Pa. 19106.
It’s become a familiar spectacle: Cities frantically compete for the favor of the National Football League (or the like) and offer to subsidize a stadium to attract a team. Do the benefits a city derives from...