tag:blogger.com,1999:blog-7094922047296526858.post37532057998567734..comments2024-02-13T18:15:00.083-05:00Comments on TRIADWATCH: Is this the plan? "5. Create a signature Performing Arts Center."Triadwatchhttp://www.blogger.com/profile/01470318773895235030noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-7094922047296526858.post-80579169278652738852012-01-30T22:25:01.149-05:002012-01-30T22:25:01.149-05:00“The Durham PAC hosts more than 300,000 visitors
...“The Durham PAC hosts more than 300,000 visitors <br />and generates more than $11M in economic activity annually.<br /><br />However, its $48M construction was funded entirely by public dollars.” <br /><br />“Guilford County’s cultural institutions host more than 1 million visitors annually, <br />resulting in more than $30M in economic activity and $1.3M in local tax revenue. “<br /><br />“The same is true for Charlotte's Blumenthal PAC which generates $52M in economic activity annually while its $62M construction budget came from public and philanthropic sources, and it continues to receive an operating subsidy.”<br /><br /><br />Abner:<br /><br /><br />The above excerpts are looking at the collective action without looking at the cost, or more succinctly the opportunity cost. <br /><br />The opportunity cost of, for instance, the $48 million debt, associated debt service, and obvious cost of the annual subsidy, in the Durham example is to forego the entire project and associated costs and leave the money in the hands of taxpayers. Hence the cost of $11 million in economic activity in Durham is the forgone economic activity produced by taxpayers had the project not occurred and associated costs not occurred. <br /><br />The next question is collective action of the Durham project is a specific activity for specific geographic location. The opposite would be true for the highly diffused taxpayer who’s economic activity would be for many activities over a wide geographic area.<br /><br />Moreover, one must consider the public choice element and public choice theory elements, in action, given an economic choice directed by politico policy. That is, the supposed economic activity generated, the $48 construction, and the annual subsidies…..what part do politicos play in these items? Put another way:<br /><br />“It is a way in which some people can spend other peoples' money for the benefit of a third party - and not so incidentally themselves". - Milton FriedmanW.E. Heasleyhttps://www.blogger.com/profile/00368333904571061995noreply@blogger.comtag:blogger.com,1999:blog-7094922047296526858.post-15961160823152350202012-01-30T22:23:41.323-05:002012-01-30T22:23:41.323-05:00This comment has been removed by the author.W.E. Heasleyhttps://www.blogger.com/profile/00368333904571061995noreply@blogger.com