Quote:
Originally Posted by Justin_Chicago
Economics would say that the person would decrease their consumption later on. Consumer Output(Y) = Consumption(C) + Savings(S). Maybe that person would spend one less dollar dining out this weekend. Otherwise, their savings rate will have to decrease, which would have long run implications on wealth and output.
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But economics is not a zero sum game, wealth cam be added when new capital is created. At its most base level capital results from an investment of individual effort or time. So though a fan may have spent money now that they would have otherwise spent later, the real boon comes from an adjustment of their confidence and motivation. The real benefit of an occurrence like this is that it is likely putting a lot of people in a good mood and those individuals will likely step up their output and productivity as a result.
So yes this may mean more success for tourism businesses (there were about a dozen tour boats jam packed loitering at the Michigan Ave bridge laying on their fog horns yesterday) or more business for bars in lakeview, but the real benefit is likely a bump in moral for all the workers and business owners in Chicagoland. Let's say everyone puts in 5% more effort over the next month, that's an almost 1% annual output boost in a regional economy that generates half a trillion a year. So you can see how the numbers could get pretty big pretty quick.
I believe there will be some impact along these lines too because all I've heard since they won is people chatting up a storm about it or humming go cubs go as they walk down the street.