Economics

(Spring 2016) - In this paper, we explore the costs and benefits of hosting the Olympic Games. On the cost side, there are three major categories: general infrastructure such as transportation and housing to accommodate athletes and fans; specific sports infrastructure required for competition venues; and operational costs, including general administration as well as the opening and closing ceremony and security. Three major categories of benefits also exist: the short-run benefits of tourist spending during the Games; the long-run benefits or the "Olympic legacy" which might include improvements in infrastructure and increased trade, foreign investment, or tourism after the Games; and intangible benefits such as the "feel-good effect" or civic pride. Each of these costs and benefits will be addressed in turn, but the overwhelming conclusion is that in most cases the Olympics are a money-losing proposition for host cities; they result in positive net benefits only under very specific and unusual circumstances. Furthermore, the cost–benefit proposition is worse for cities in developing countries than for those in the industrialized world. In closing, we discuss why what looks like an increasingly poor investment decision on the part of cities still receives significant bidding interest and whether changes in the bidding process of the International Olympic Committee (IOC) will improve outcomes for potential hosts.

Global shortages of many goods reflect the disruption of the pandemic combined with decades of companies limiting their inventories.

Amid its own internal tumult, coupled with unheard of external market conditions, Credit Acceptance Corp. has seen its loan volumes take a dive off the cliff. The Southfield-based subprime auto lender (NASDA: CACC) disclosed in a regulatory filing this week that its May "Consumer Loan assignment…

The biggest threat to President Joe Biden's vision of energizing the U.S. economy with the largest infrastructure program in decades may not be its challenging path through Congress, but a dire shortage of everything from workers to cement mills.While weeks or months of negotiations will be needed…

I'm a sucker for historical market data.I know, I know. It doesn't help you predict the future but it can help shape your expectations to allow you to emotionally prepare for a range of outcomes.

Rising inventory is one of several signs that we may have reached peak ludicrousness.

The ebbing of the pandemic has brought price increases, supply bottlenecks and labor shortages. Key indicators will show whether it’s just a stage.

Something has to change.

Nearly $1 billion in federal funding would go to Michigan small businesses, payroll and childcare under Gov. Gretchen Whitmer's economic restart plan.

Many employers report having trouble finding applicants. Economists say the labor market may simply need time to get sorted out.

LANSING — Gov. Gretchen Whitmer on Thursday proposed spending $300 million in federal COVID-19 funding to help Michigan businesses pay workers $15 an hour. State grants would cover the difference between an employee's current hourly wage and $15 for three months, as long as the business…

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Backseat in transit vans designed for quick removal was a way to skirt hefty import tariff, government says

Answer: 3.73% (vs. 2.75% for 2020-21 school year) Questions: How do you think this interest rate compares to the interest charged on credit card debt?  Average student debt is around $30,000 for college graduates. At current interest rates, roughly how much in interest would be paid over the life of a 10-year student loan? Here's a loan calculator to help with the math.  Click here for the ready-to-go slides for this Question of the Day that you can use with your students.  Behind the numbers (NerdWallet): Federal student loans will be more expensive for 2021-22 school year.

Biden administration suspended duties to allow time for negotiations over digital-services taxes on US tech companies

It's offering individual shareholders free popcorn and exclusive screenings

St. Louis Fed President James Bullard discusses the ratio of unemployed workers to job openings, along with other measures, to assess the state of the labor market.

Gardening stores are trying to keep shelves stocked as planting season gets underway.

A beachfront house in New Buffalo will set a new benchmark for the Southwest Michigan town when its sale closes within a few days of Memorial Day. It will be the fourth home in New Buffalo to sell for $4 million or more in the past year. That's a high-end sales rush New Buffalo hasn't…

Hilton was nearly 93% occupied on the Saturday of Memorial Day weekend, making it the best day the company has had since the start of the pandemic, its CEO says.

And what happens to your brain when you finally nail it

The president's budget details his ambitious (and costly) plans to invest in infrastructure and the social safety net — the likes of which the country hasn't seen in decades.

Potable toilet suppliers and manufacturers are scrambling to make sure that they have enough porta potties to go around.

Preliminary research data show that about a fifth of all Americans who bought guns last year were first-time gun owners. Sales usually spike around elections, but the sheer volume is notable.

Two Michigan bills that could change the way cities approach short-term home rentals have created intense debate around who gets to determine how to regulate these dwellings, more popularly known as Airbnb or vacation rentals.The issue has put interested groups such as the Ann Arbor-based Michigan…

It's not just the loss of current income during the COVID crisis that will hurt millions of women financially, but also reduced future earnings and retirement benefits that will likely follow. As one economist put it, women may "eat the cost of the pandemic for the rest of their working lives."

The pandemic has forced Americans to tackle their finances in 3 key ways, research released Wednesday shows.