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Jun 8th, 2012, 11:55 am
Maclean's - Jubilee 2012
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Overview: Whether this weekend’s Diamond Jubilee celebrations will be a much-needed stimulus or an unnecessary drag on the ailing U.K. economy has been the object of heated debate in the British media. Of course, such calculations are always an educated guess at best. This is primarily because the most important number–the value of output lost by adding a national holiday devoted to royal celebrations–is based on a what-if estimate of how much the economy would have grown in the absence of the “Jubilee effect.” For the Diamond Jubilee, the British government has estimated that number at nearly $2 billion. (The direct cost the Jubilee–borne in part by individual donors and corporate sponsorships–is in the millions, a negligible sum in terms of the country’s GDP.)

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Jun 8th, 2012, 11:55 am