In a recent article published in Capital New York, Economics Professor Dennis Coates discussed the economic impact of Brooklyn’s Barclays Center, home to the New Jersey Nets. The article described how businesses within and immediately surrounding Barclays have been benefiting from the Nets recent move from North Jersey to Brooklyn, but Coates described how it’s unclear that the arena’s impact on business is a sign of economic growth.
“Did people not eat dinner before the Barclays Center?” said Coates. “Did they not go out to restaurants before the Barclays Center? They did, just not there.”
He added, “if the eating and drinking happens inside the stadium instead of outside, you’re taking money from moderate income business and giving to wealthy owners. If you think that’s a good idea, you’re going to be happy with the outcome.”
To read the full article titled “The Barclays effect,” click here.
Baltimore’s City Paper published an article on November 25 that examined the city’s current public construction boom, which by some estimates may exceed $10 billion, comparable to what was spent nationally by the Works Progress Administration during the Great Depression.
Economics Professor Dennis Coates was interviewed for the article and explained that the public projects would likely increase the local economic growth rate by close to 15 percent.
“It is certainly a construction jobs program, and I would contend it will affect growth positively, though precisely how much, especially in the short term, is questionable,” he said. “Avoiding broken water mains and the problems those cause is enormously beneficial, even if there is negligible impact on growth. The mayor’s office is not publicizing this, so in that sense it is invisible, but when water-main work is under way, that will be very visible.”
To read the full article titled “Baltimore’s New Deal: WPA-level spending has the power to remake the city, but much of it might be going away,” click here.
Tim Gindling, economics, was interviewed for the World Bank Development and Employment blog about his work on self-employment in the developing world.
Gindling joined Gary Fields from Cornell University and David Margolis from the University of Paris in an interview focused on why self-employment is so prevalent in developing economies, and what governments could do to improve the standard of living of self-employed workers in those economies.
Click here to read “A Better Life for the Developing World’s Self-Employed.”
Economics Professor Dennis Coates participated in a panel at Heinz College Washington, D.C., Carnegie Mellon University, on the complex business of bidding for large scale events such as the Olympics. Coates has done extensive research on public choice, public finance, and sports economics.
Other panelists included Ngiste Abebe, Co-author, Bidding for Development, Trina Bolton, Co-author, Bidding for Development, and Chris Watts, Managing Director, 4POINT4. The event took place on Thursday, November 13 in Washington, D.C. and the description can be found below:
“This panel will explore the complex business of bidding for mega-events. The panelists will weigh a city’s potential for long-term strategic development against the extreme price tag of bidding to host. The dialogue will focus on the largest global mega-event, the Olympic Games, and span dynamic policy areas from transportation and urban development to sports economics and diplomacy. Panelists will also share insights from the recent Springer publication Bidding for Development: How the Olympic Bid Process Can Accelerate Transportation Development.”
For more information, click here.
On Monday, October 13 at 4 p.m., Robert A. Lawson will present the Social Sciences Forum, “Economic Freedom and the Wealth and Health of Nations.” The event will take place on the seventh floor of the Albin O. Kuhn Library.
Dr. Lawson and his colleagues produce the annual Economic Freedom of the World Index. Dr. Lawson will discuss the Index and how economic freedom impacts the wealth and health of countries worldwide.
Lawson is the Jerome M. Fullinwider Endowed Centennial Chair in Economic Freedom, The O’Neil Center for Global Markets and Freedom at Southern Methodist University. The event is sponsored by the Department of Economics. For more information, click here.
On Thursday, September 18 at 4:00 p.m. in the University Center Room 312, Stephen F. Ross, Director, Penn State Institute for Sports Law, Policy, and Research, Penn State University Dickinson School of Law, will present the Social Sciences Forum, “The Unforseen Anticompetitive and Racially Discriminatory Effects of Baseball’s North American Draft.”
When Major League Baseball instituted its amateur draft in 1966, elite players honed their sills in widely available competitions organized by high schools and the American Legion. Today, virtually all North American youth selected in the draft or offered major college scholarships must join private, elite, and expensive traveling teams to display their talent. In contrast, MLB teams spend millions to train poor Latin American kids in academies, because these young men are not subject to the draft. Ross, Lewis H. Vovakis Distinguished Faculty Scholar and Professor of Law, will propose modifications to create economic incentives for MLB teams to invest in domestic academies for youth unable to afford private teams.
The event is sponsored by the Department of Economics. For more information, click here.
Economics Professor Scott Farrow has been named part-time economics coordinator for the Department of Homeland Security’s National Center on the Risk and Economic Analysis of Terrorism Events (CREATE). The center was established in 2004 and is an interdisciplinary national research center based at the University of Southern California. The center is comprised of a team of experts from around the country who work to identify where terrorist attacks may occur and what the economic consequences of those attacks may be.
On the website announcement that states Farrow will lead CREATE’s economic efforts, it reads: “CREATE researchers are making conceptual and empirical advances in developing a comprehensive consequence analysis framework. CREATE embeds this cost analysis in the broader risk-based framework, including the impact of behavioral economics, and further integrates these efforts by providing the estimates of benefits and costs related to risk management applications.”
To read more about CREATE, click here. To read the official announcement naming Farrow economics coordinator, click here.