The Leontief Matrix, the Keynesian Cross, and Economic Insensibility of Hosting the Olympics: A Survey of the Korean Experience

Title
The Leontief Matrix, the Keynesian Cross, and Economic Insensibility of Hosting the Olympics: A Survey of the Korean Experience
Author
안영도
Keywords
Sports Mega-event; Olympics; Economic Impacts; Leontief Inputoutput Table
Issue Date
2014-02
Publisher
한국재정학회
Citation
재정학연구, 2014, 7(1), P.81-118
Abstract
Korea will have hosted 13 international mega-events by 2018. Therationale for attracting an event to Korea is often its economic impact, namely,induced production, income, and employment effects. These effects areestimated by one of the state-run research institutes using the Leontiefinput-output model. One big problem with such a practice is that the model isinapplicable to the national decision whether to host a mega-event. As aconsequence of inappropriate feasibility studies, national resources mightpossibly have been misallocated over decades. The Keynesian cross is notapplicable, either. Instead of those two popular models, a holistic cost-benefitanalysis should be conducted for a national project. This paper reviews a totalof 17 feasibility studies for 13 mega-events, explains their methodological andpractical errors, and suggests the right approach.
URI
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2540776http://hdl.handle.net/20.500.11754/47710
ISSN
1976-8362
Appears in Collections:
COLLEGE OF INTERNATIONAL STUDIES[S](국제학부) > INTERNATIONAL STUDIES(국제학부) > Articles
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