London-Olympics-2012

NYU Economics Professor calls London Olympics an economic failure

 
Nouriel Roubini, an economics professor at New York University’s Stern School of Business harshly criticised the London Olympics economic impact. Quoting he said that ”The Olympics are an economic failure as London is totally empty: hotels, restaurants, streets. They scared all off with crowd excess warnings”.

He explained that the authorities in fear of possible overcrowding problems, issued too many warnings before the Olympics scaring people about the imminent number of people who were going to visit the city. They advised locals and foreigners without Olympic tickets to stay at home. It turns out the warnings did have an impact turning London into a Zombie City with traditionally busy places like the West End being empty during a Saturday night. They scared off all non-Olympic tourists and Londoners were pushed to either leave the city or work at home (its been reported that 2 million people are tele-working during this period).