Tourism is one of the world’s most important activities, involving millions of people, vast sums of money and generating employment in developing and industrialized countries. Yet many aspects of tourism have been ignored. This book makes a key contribution from an economic standpoint to the understanding of tourism. Examining such issues as demand for tourism, how tourism firms operate in national and global contexts and the effects of tourism on destination areas, the authors explain how economic concepts and techniques can be applied to the subject.
Particular attention is paid to the importance of market failure with reference to identifying the environmental implications of tourism and the means of pursuing the sustainability of both tourism and the resources on which it depends. The Economics of Tourism presents new insights into the intricacies of tourism demand, firms and markets, their global interrelations and the fundamental contribution of the environment to tourism activities, to offer an accessible, interdisciplinary analysis of the interwoven fields of tourism and economics. This new edition retains the exposition of basic concepts, principles and analysis as an essential prerequisite to demonstrating the relevance of economics and its application to tourism. It also maintains its objectives of acting as a sources book for the economic tourism literature; likewise its original intention to identify and review trends in the sector and assess their significance is reinforced. Furthermore, it incorporates and examines the introduction of new analytical methodologies and techniques and appraises their explanatory and predictive efficacy.