Public pride reveals the worth of a national project
‘Make Britain proud. Back the bid’. There is nothing reprehensible about national pride. The role of the economist is not to scorn this desire, but to promote value for money in achieving them. So I propose we begin to measure PPPPP – pride per pound from prestige projects. And in this sense, the $6bn the London Bid is proposing to spend on hosting the Olympics in 2012 is poor value for money in PPPPP terms
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