Thursday, July 31, 2008

Red Sox Nation's Economic Impact

As a lifelong member of Red Sox nation, I can tell you that nothing controls the mood and emotions of New Englanders more than the Red Sox (and in the winter, substitute the weather). From 1918-2003, New Englanders were a solemn bunch as the Sox went through an 86 year World Series drought. However, Red Sox nation is in a better mood lately, winning two World Series championships in four years.

Does the Red Sox success have any implications for economic conditions in Boston? According to a recent study by Bank of America, the Red Sox' success does effect the local economy. 29% of workers surveyed admitted to skipping work and 14% have missed a business meeting to attend a game. Economists would point to the productivity loss from this lost work time, but I think there is some "psychic profit" from bringing the community together and putting everyone in a good mood. These benefits probably bring greater productivity gains in the long run.

However, given the recent Red Sox skid and the antics of LF Manny Ramirez, do you think more than the reported 9% of people are skipping work to recover from a Red Sox loss hangover?

HT: Freakonomics

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