The Economics of Sports Subsidies
On December 22, CAUTION and the Charlotte Bastiat Society held a joint meeting at the Dilworth Neighborhood Grille. The guest speaker for the evening was Dr. Todd Nesbit.
Dr. Nesbit is a Senior Lecturer in Economics and Competitive Markets at The Ohio State University, an Affiliated Senior Scholar with the Mercatus Center, and an Adjunct Scholar at the Mackinac Center for Public Policy. Dr. Nesbit earned dual B.S. degrees in Economics and Mathematics from Capital University in 2001 and completed his Ph.D. in Economics at West Virginia University in 2005. His primary research interests include state and local public policy issues in general with a specific focus on excise taxation. Dr. Nesbit’s research interests also include school choice, determinants of local economic growth, and the economics of sports. Dr. Nesbit has been published in numerous peer-reviewed academic journals such as the Journal of Economic Behavior and Organization, the Southern Economic Journal, and Public Budgeting and Finance, among others.
As you know, Charlotte has no shortage of controversy when it comes to the public financing of sports arenas. The following video is Dr. Nesbit’s take on the matter of sports subsidies in both his home town of Cleveland and here in Charlotte.
One of the most telling slides includes a common theme of what a multitude of other surveys and studies find.
The Whaples survey of economists inquired of the level of agreement with the following:
Local and state governments in the US should eliminate subsidies to professional sports franchises.
58% agreed strongly, 28% agreed, 10% were neutral, and 5% disagreed.
This was the highest percentage of strong agreement of all areas surveyed.
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