I’d been wanting to comment on a post by Daniel Akst at Marginal Revolution on the external benefits of sports teams. But, I just haven’t had time to research it all. The idea Akst discusses is that though sports teams may not provide direct monetary gains to citizens, they do yield some positive value to the community. These benefits are not captured by the private market, therefore if the value is large enough this might justify public subsidies for sports stadiums. Luckily, I can stop thinking about it. Skip at The Sports Economist just posted an excellent summary of the relevant literature. He understands the whole debate and lays it out quite nicely. Be sure to check it out.