Question

Advocated of revisions to $500 million renovations to Wrigley Field in Chicago argue that the renovations will generate over $18 million in additional spending per year. Why will the true net economic impact likely be far less than $18 million per year?

Answer 1

Answer:

Consider the following explanation

Explanation:

Chicago's city chamber gave last endorsement on Wednesday to a $500m redesign of memorable Wrigley Field, which incorporates its first Jumbotron screen, improved offices for the players in the entrails of the 99-year-old ballpark and an inn over the road.

The true yearly impact is probably going to be far under $18 million. The fundamental explanation is that a great part of the extra expenditure in Wrigleyville would not be extra expenditure in Chicago. Whelps fans would have spent quite a bit of that cash somewhere else in Chicago if there had been no remodel to Wrigley Field or regardless of whether Wrigley Field didn't exist.

As it were, the remodel only initiates substitution spending, as Chicagoan's day of work their spending starting with one nearby relaxation movement then onto the next. Indeed, even the cash spent by tourists in Wringleyville probably won't be new spending if occupants of different urban communities choose to visit Wrigley Field instead of attractions, for example, the Chicago Art Institute, while they are visiting Chicago.