Word: economisters
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...Both sides, thankfully, are smart enough to know that the only man who can take credit for the Simon Bolivar is José Abreu, 69, an economist turned classical-music maestro who saw, or heard, in the urban ranchos (slums) and rural outposts of Venezuela the raw material of virtuosos. Like anyone who has spent time in Caracas ranchos such as Catia or San Agustin, Abreu "perceived amidst the poverty an immense musical talent, the facility for elegant and forceful rhythms," he told TIME in an interview over the weekend. Listening to youths play contrapunto on the small, four-stringed...
...economists, however, blissful predictions like these are bunk. "I don't believe it's that big of a bonanza, frankly," says Smith College sports economist Andrew Zimbalist, who predicts an economic impact of about $15 million. "It's kind of silly to suggest that it is." Festive fans of North Carolina, the University of Connecticut, and Villanova University - the other three teams that made the Final Four - will likely have a nice time in spruced-up Detroit. But it's a stretch, Zimbalist says, to figure they'll suddenly think of Detroit as a repeat destination - and even more...
...From the state's perspective, the school's appearance is definitely a drawback. "Financially, the state of Michigan would have been happy if there were four teams out of state," says Jason Winfree, a University of Michigan sports economist. If, say, UCLA had made the Final Four instead of Michigan State, thousands of the school's fans would have flown to Detroit to spend money. All of that cash is a windfall to the struggling state - without the Final Four, none of those Californians and UCLA fans throughout the nation were heading to Michigan to hang out for the weekend...
...Final Four isn't a magic pill that will make Detroit all better. But still, it is at least a temporary boost, especially in these grim times. "This economic injection is real and important," says Rodney Fort, a University of Michigan economist who also specializes in sports. "It's just not permanent." Beyond dollars, we shouldn't discount the intangible perks a major sports event delivers to a city. Detroit families can discuss the big game instead of the plant closing, maybe catch a free concert downtown. And though Michigan State's run may cost the state some extra cash...
...positive take, if you can call it that, is that we're in a "rolling recession," as Kurt Karl, chief U.S. economist at insurer Swiss Re, said in a note to clients. "First the housing market tanked, then consumer spending plummeted, now business investment is nose-diving." Hey, at least it didn't all happen at once! Peter Morici, an economist at the University of Maryland's Smith School of Business, offered a gloomy scenario: "Lacking confidence that the demand for what Americans make and sell will recover significantly anytime soon, businesses are girding for a long siege - slashing employment...