Olympics Confront Soaring Medal Inflation, Requiring Event Reductions
In a striking analysis of Olympic trends, economist William Watson highlights a concerning phenomenon: rampant medal inflation at the Winter Games. The data reveals that the Milano-Cortina 2026 Winter Olympics distributed a staggering 348 medals across 116 events, a dramatic increase from the 138 medals awarded in just 46 events during the Calgary 1988 Games. This represents an expansion of over two and a half times in both events and medals, raising serious questions about the sustainability and prestige of Olympic competition.
Comparing Inflation: Olympics Outpace Central Banks
Watson draws an intriguing parallel between Olympic medal inflation and traditional economic inflation. While the Bank of Canada's inflation calculator shows that prices have increased approximately 137% since 1988, the Olympic medal count has surged by more than 250% over the same period. This Olympic inflation even exceeds the performance of other major central banks, with the United States Federal Reserve and Bank of England experiencing inflation rates around 180% since 1988.
The International Olympic Committee has managed to outpace even the most aggressive monetary policies when it comes to creating more medals, Watson notes, suggesting this expansion dilutes the value of Olympic achievement.
Root Causes: New Sports and Gender Inclusion
The primary drivers of this medal explosion include:
- Introduction of new sports such as curling, freestyle skiing, short-track skating, snowboarding, skeleton, and the recently added ski mountaineering
- Gender inclusion initiatives that have doubled medal opportunities in sports like hockey and ski jumping
- Expansion of traditional sports including biathlon, bobsleigh, and cross-country skiing
Watson questions whether television audiences truly demand all these additions, particularly noting the mixed reception to newer events like ski mountaineering. Are U.S. TV viewers really as captivated by snowboarding as producers believe? he asks, suggesting that programming decisions may be driving unnecessary expansion.
The Case for Olympic Slimming
Drawing inspiration from pharmaceutical advertisements that dominated Olympic broadcasts, Watson proposes the Games themselves need a weight loss regimen. The proliferation of events has created what he terms medal inflation, diminishing the exclusivity and significance of Olympic victories.
With Greenland's strategic importance and Russia's Arctic ambitions, perhaps winter warfare skills do warrant encouragement, Watson remarks about biathlon's expansion, while humorously suggesting winter tank competitions might logically follow.
National Implications and Proposed Solutions
The analysis has particular relevance for Canada, which traditionally excels in winter sports. Watson proposes creative expansions in hockey—Canada's signature winter sport—including mixed team events, three-on-three tournaments, and skills competitions that could potentially generate a dozen gold medals.
However, his central argument remains that the International Olympic Committee must begin cutting events to preserve the Games' integrity. The Olympics itself could do with some slimming down, he concludes, urging organizers to prioritize quality over quantity in event programming.
This critique comes amid broader discussions about Olympic sustainability, viewer engagement, and the true meaning of athletic excellence on the world's biggest winter sports stage.
