Positive thinking

Jonathan Seaton, Loughborough University The cost Prince Harry and Meghan Markle’s nuptials on May 19 2018 has been estimated at £32m by one wedding planning company. The cost to the public, however, will be far less than his brother William’s marriage to Catherine in 2011, largely because this brought with it a bank holiday . Still, £32m is a lot to spend on a party. It can be justified, however, if the benefits outweigh the costs. For this to happen with the latest royal wedding – or any mega event that’s being staged – the most important thing is that the money involved has a long-term positive impact. Then there’s the social dimension to any party. Building better relationships with your family, friends, colleagues or neighbours is an important part of any event. So this shouldn’t be discounted. One of the big arguments for events is “what goes around comes around”. This sums up what economists call the “multiplier effect”. Take a simple example. The same company...