Mr Baade reckons that, instead, the event depressed growth, as some tourists kept away to avoid football fans.

ECONOMIST: Britain's Olympic bid

In a recent paper, Robert Baade, the economist Bloomberg cites, deals another blow to the idea that propping up stadiums is good public finance.

FORBES: Banks Have Interest Rate Swapped $20 Billion From Taxpayer Pockets

There is little data on the economic impact on Olympic cities, but Mr Baade studied what the 1994 soccer World Cup did to its nine American host cities.

ECONOMIST: Britain's Olympic bid