Whatever the virtues of the Olympics, economics is not one of them. As we enjoy this year's winter games in South Korea, we ought to ponder the possibility that the Olympics will one day price themselves out of existence. It will cost so much to host the Olympics extravaganza that no one will want to do it.
Although that may seem far-fetched, the number of cities vying for future Olympics has already dropped dramatically. Here is what Andrew Zimbalist of Smith College, an expert in sports economics, has to say:
"Not so long ago, cities lined up to bid the moon and the stars to secure the games. But daunted by the escalating demands of Olympic organizers and a recent history of huge budget deficits, environmental and social dislocations, and rampant corruption, bids to host both the summer and winter Olympics have sharply declined."