Quote:
Originally Posted by the urban politician
^ Not really, a Chicago resident likely spent $1 when he otherwise may not have, at least that is my take
|
Economics would say that the person would decrease their consumption later on. Consumer Output(Y) = Consumption(C) + Savings(S). Maybe that person would spend one less dollar dining out this weekend. Otherwise, their savings rate will have to decrease, which would have long run implications on wealth and output.
The City of Chicago concentrates significant resources on increasing tourism because unless our city population grows (or wealth rises), it is the only way to create an economic boom. The George Lucas Museum (and the tourism it would attract) was important for this reason.
I rode a Divvy bicycle by Wrigley this morning and there are still 100-200 people taking photos in front of the World Series Champions sign. Most of them appear to be visiting from outside the city, so I suspect we will have a nice small economic boom as they shop and dine in the Lakeview area and vendors are city residents.
On an unrelated sporting note, I wish the Chicago Fire would move to a new stadium on the Southside (Bridgeport) or Westside (Garfield).