SEPTEMBER, I HAVE HEARD IT SAID, IS AMONG THE BEST TIMES FOR AMERICAN SPORTS. So as the nation turns to the joys of athletic competition, let us turn to the less joyful world of public financing for stadiums. Any such funding, as I often note, isn’t popular with many who study economics — why do you think they call it the dismal science?

There have been hundreds of studies of the returns from stadiums, and the “prevailing conclusion” is that these facilities are “generally inadvisable public investments,” writes J.C. Bradbury, a Kennesaw State University researcher who has looked at the issue extensively. 

“That conclusion does not mean that every stadium has identical effects or that sports teams have no social value,” Bradbury continues. “It reflects the consistent finding that measurable economic and fiscal benefits, combined with estimated intangible benefits, are normally smaller than the public costs of subsidized stadium projects.”

Such information should be part of the conversation as elected officials consider throwing public dollars at stadiums when so many areas need funding.