By Sadia Karim
Sport is a significant aspect of Socio-economic development of a country. The active engagement in sports improves community health as the increased productivity boost the immunity and enhances social solidarity
What do we mean by sports economics?
To be precise, we can say economics includes 3 most basic segments, commodities, producers, and consumers. Hence, we can say that sports are the commodities, producers are the teams, and lastly, consumers are the audience or hosts who invest for sports activities.
Have we ever thought how sports can be beneficial to the economy?
In an economy, sports play a large role in economic development along with building an enthusiastic and healthy youth for the country. Fervent sports teams are born all around the world and have been bringing glory to their countries.
Sport fanatics, amateurs, and professionals have a significant economic political and cultural stimulus on our civilization.
Watching sports helps to mitigate mental stress, and leads to a sense of concord. Hosting sporting events generates an abundance inflow of revenue along with boosting tourism, industrialization, and technology.
In the U.S economy, sports play a huge role. The sports economy generates approximately $14.3billion in direct earnings each year, with an average salary of $39,000 per jobs.
Are there any potential returns from investment in the sports economy?
The youth of Bangladesh is fervently engaging in various kinds of sports and our country team is advancing ahead with the rest of the world. In a country where a patriarchal society existed strongly and still exists in many parts of the country, the women’s team has stepped into sports along with the men despite the discrimination. It can be said that the Bangladesh women’s team in sports broke the taboo of the patriarchal belief.
Sports do no not only bring monetary benefits to the economy but also tangential returns. If we look into more depth then perhaps, we will be able to conceptualize sports economics.
Therefore, it raises an interesting query, if the returns from the investment are good enough to educate the youth more about sports to motivate them for more participation. Hence, in near future, the issue of the sports investment can perhaps be highlighted in the upcoming budget allocation discussions.
So, is this really worth discussing? Would love to know your opinions regarding sports economics.
Author bio:Sadia Karim is a second year student studying Economics at East West University.
About the Author:
Sadia Karim is a second year student studying Economics at East West University.
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References:
- Luxurypropertiesinpuertorico.com. 2020. How Much Does Sports Contribute To The Economy. [online] Available at: <https://www.luxurypropertiesinpuertorico.com/journal/e78695-how-much-does-sports-contribute-to-the-economy> [Accessed 13 December 2020].
- Islam, M., 2020. Time To Take Sports Seriously. [online] The Daily Star. Available at: <https://www.thedailystar.net/opinion/economics/time-take-sports-seriously-1585750> [Accessed 13 December 2020].