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The Olympic Effect Since their beginning in 1896, the Olympic Games have been the gold standard of athletic prowess: Olympic competitors are the best in the world, and no trophy compares with an Olympic gold medal. Increasingly, however, the athletic competitions have been matched, if not overshadowed, by the fierce competitions between cities and nations vying to host the Olympics. The amount of money and prestige at stake is so great that the phenomenon has been given a name: the Olympic effect. Principally an economic force capable of affecting the business climate of the host community for years before, during, and after the Games, the Olympic effect can also exert a powerful influence on the environment and society of the host community. The economic impacts of the Olympic Games are complex. In the first place, preparations for the Games generally include vast investments not only in the stadiums, tracks,...

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