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Pro sports great, just not for local economy

OCTOBER 23, 2015 | by Dennis Coates | MERCATUS CENTER, GEORGE MASON UNIVERSITY

"...Think of the joke about a fellow looking for his car keys, crawling on his hands and knees under a streetlight. The punch line is that he is looking there, rather than by his car, where he dropped them, because the light is better. Supporters of subsidies usually look under the streetlight for the economic benefits - local income, employment and tax revenue - of stadiums, arenas and professional sports franchises. But, as independent economists repeatedly point out, not everything that looks shiny under the streetlight is a set of car keys - and, if you really want to start the car, you may have to look elsewhere..."
 

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