Olympic Games London

Olympic Games London

So, with four months to go until the start of the Olympics and the IOC making its 10th and final inspection visit to London, it now seems like a good time to take stock.

Olympic Games London 2012

  1. SUMMER OLYMPICS. Athens, Greece April 6-15, 1896 Paris, France May 20-October 28, 1900 St. Louis, Missouri, USA July 1-November 23, 1904 London, England April 27-October 31, 1908; Stockholm, Sweden May 5-July 22, 1912 Berlin, Germany.
  2. London Preview What to expect at the 2012 Summer Olympic Games. Olympics 2012 by the Numbers The numbers behind the London Summer Games. Sport for All Wild cards are added to a strict qualification system to encourage greater sports participation worldwide. Bikinis Optional Changes are afoot, and underfoot, in London. Olympic Multitasker.
  3. London Olympics and Sustainability. For the upcoming 2012 Summer Olympic Games in London, plans and preparation began years ago to create an impressive array of athletic venues and housing that not only fit the functional needs of the games but are also visually stunning and sustainably sound.
  4. The Olympic Games are no stranger to controversy and tragedy-and the London Olympics logo is a little bit of both. Since it was first revealed two years ago, the logo has been met with criticism for its radical design and even religious uproar when the word 'zion' was thought to be hidden in the text. The 2012 Olympics logo may be divisive, but there's still a great deal to learn from it.

Olympic Games 2012

Readers Question: What are the costs and benefits of the London 2012 Olympics?

A cost-benefit analysis seeks to examine all the various costs and benefits. These include both the monetary costs and benefits and the non-monetary costs and benefits.

Costs of London Olympics

  1. The financial cost of building facilities, which may only be used to their full potential for a short time during games.
  2. The investment is short term. Many facilities can only be used for the 3-week duration of the Olympics. After that, there is a danger of ‘white elephant projects’ – facilities that can not be effectively reused. E.g. similar to the Millennium Dome.
  3. Opportunity cost. It is estimated the cost of the Olympic village could cost up to £1billion. This is £1billion that cannot be spent on alternative investment schemes like transport and education in London.
  4. The credit crunch means private sector investment has dried up. This increases the cost onto the taxpayers. Government spending is already under strain because of the bank bailouts and recession.
  5. If the taxpayer has to step in, the Olympics will lose part of its £2.2bn contingency fund
  6. The London Olympic logo is truly awful, and according to the Sun newspaper could trigger epilepsy.

Benefits of London Olympics.

  1. Provides Jobs and Economic Activity. Important in times of a recession, when the private construction sector is in a steep decline. The government spending can be seen as part of an expansionary fiscal policy.
  2. Hosting Olympics boosts the prestige of a country. It is a ‘once in a lifetime’ opportunity to provide a showcase to the world. Not everything can be reduced to simple accounts. (good example of a non-monetary benefits)
  3. Hosting Olympics will provide a boost to tourism and travel to London, during the Olympics and hopefully after.
  4. Building Olympic park has helped to regenerate the East end of London. Increases civic pride.
  5. There is a lasting legacy of the Olympics. East London has new rail lines (Dockland light railway extension) and improved public transport, including improved international rail station at Stratford. This helps to reduce congestion and increase productivity.
  6. Many of the venues will be used after the event, e.g. Olympic stadium will remain an athletic track, but also will be used by West Ham F.C. Other venues like the velodrome provide a much needed international standard track in the capital.
  7. After the games, the Olympic Park will partly give way to a legacy of more available homes, to help ease London housing shortage.
  8. Encourages sport in the UK, might make the UK have better fitness standards and less obese reducing demand for health care.
  9. The Olympic Parkland has been created to leave a legacy for wildlife and the environment in the available area.

Conclusion

Personally, I’m glad we are hosting the Olympics. Yes, it might end up costing the taxpayer a lot. But, £1bn is less than 0.1% of total GDP. It’s a once in a lifetime opportunity to host the most important sporting event on the calendar. The Olympics may well make an economic loss in the short term, but does everything have to be ruled by profit maximising decisions? People will say it’s better to spend the money on health care and education. I don’t doubt these are higher priorities. But, we spend over £80bn on health care every year. I don’t see why we can’t spend £1bn on promoting the Olympics as a one-off event. (which might actually encourage people to be fit and therefore need less health care)

Olympic Games London Opening

Let’s enjoy and take pride in the London Olympics.

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Olympic Games London 2012

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