Today we are diving into the economics of the Olympics. It's a timely episode with the Paris Games ongoing right now and the economic reality for host cities is extremely poor. It's estimated that Paris is going to spend $9 billion for these 2024 games and in return, they'll generate revenue somewhere in the mid-single-digit billions.
Our guest is Andrew Zimbalist, author and economics Professor at Smith College. Andrew brings us behind the curtain to share more about the IOC, the bidding process for the Olympics, how that has changed over time, and what has led us to this period of time where cities are spending so much for so little in return. It's a really fascinating discussion and leaves you thinking about the long-term viability of the games. Please enjoy this breakdown of the Olympics.
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Show Notes
(00:00:00) Our Partners
(00:01:46) Introduction to Business Breakdowns
(00:02:38) Diving into the Economics of the Olympics
(00:03:22) The Financial Strain on Host Cities
(00:08:30) Historical Context and Changes in the Bidding Process
(00:15:27) The Role and Influence of the IOC
(00:18:22) Economic Impact and Cost Overruns
(00:34:58) Tourism and Long-Term Benefits
(00:40:14) Potential Solutions for Sustainable Olympics
(00:42:27) Conclusion and Final Thoughts