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The Economics of Recreation, Leisure and Tourism......Page 4 Contents......Page 6 Preface to the third edition......Page 8 Acknowledgements......Page 10 1 Introduction......Page 12 Definition and scope of recreation, leisure and tourism......Page 13 Working definitions......Page 14 Resources and wants......Page 15 Opportunity cost......Page 16 Allocative mechanisms......Page 17 Marginal analysis......Page 20 The ‘science’ of social science......Page 21 Economic models......Page 22 The economics of recreation, leisure and tourism......Page 23 Review of key terms......Page 26 Review questions......Page 31 Web sites of interest......Page 32 Part One Organizations and Markets......Page 34 2 Recreation, leisure and tourism organizations......Page 36 Local government organizations......Page 37 Aims and missions......Page 38 National government organizations......Page 39 Aims and missions......Page 40 Unlimited liability......Page 42 Limited liability......Page 43 Sources of finance......Page 45 Aims, missions, ownership and control......Page 47 Non-profit-making organizations......Page 48 Review of key terms......Page 49 Multiple choice......Page 52 Web sites of interest......Page 53 3 The market for recreation, leisure and tourism products......Page 54 Ceteris paribus......Page 55 Demand and own price......Page 56 Disposable income......Page 57 Price of other goods......Page 58 Fashion and tastes......Page 59 Opportunities for consumption......Page 62 Population......Page 63 Other factors......Page 64 Supply and other factors......Page 65 Taxes and subsidies......Page 67 Equilibrium price......Page 68 The effect of a change in demand......Page 69 The effect of a change in supply......Page 70 Review of key terms......Page 72 Multiple choice......Page 76 Review questions......Page 77 Part Two Further Issues of Demand and Supply......Page 78 4 Demand: time preference, elasticity and forecasting......Page 80 The demand for leisure......Page 81 Trends in work and leisure: a leisure society?......Page 82 Factors affecting price elasticity of demand......Page 86 Number of substitutes......Page 87 Elasticity of demand and total revenue......Page 88 Income elasticity of demand......Page 89 Cross-price elasticity of demand......Page 90 Demand forecasting......Page 91 Time-series analysis......Page 92 Modelling......Page 94 Review of key terms......Page 95 Web sites of interest......Page 98 5 Supply and costs......Page 99 Price elasticity of supply......Page 100 Time period......Page 102 Significance of price elasticity of supply to leisure sector......Page 103 Leisure and tourism inputs......Page 104 Production......Page 105 Total costs......Page 106 Relationship between output and costs in the short run (production)......Page 107 Long-run costs......Page 108 Financial......Page 109 Risk bearing......Page 110 How firms grow......Page 111 Vertical integration......Page 112 Horizontal integration......Page 113 Social and private costs......Page 114 Review of key terms......Page 115 Multiple choice......Page 120 Web sites of interest......Page 121 Part Three Markets in Practice......Page 122 6 Market structure and pricing......Page 124 Perfect competition......Page 125 Price makers......Page 126 Monopoly pricing......Page 127 Price-discriminating monopolist/yield management......Page 129 Oligopoly pricing......Page 132 Product differentiation......Page 134 Pricing in the public sector......Page 136 Review of key terms......Page 137 Multiple choice......Page 141 Web sites of interest......Page 142 7 Market intervention......Page 143 The benefits of free markets......Page 144 Consumer sovereignty......Page 146 Consumer sovereignty......Page 147 Externalities, merit and demerit goods......Page 148 Public goods......Page 150 Central planning......Page 151 Control of monopolies and mergers......Page 152 Taxes and subsidies......Page 156 Public provision......Page 158 Side effects of subsidies and taxes......Page 159 Privatization......Page 160 Performance targets and indicators......Page 161 Contracting out......Page 162 Review of key terms......Page 163 Multiple choice......Page 167 Web sites of interest......Page 168 Part Four The External Operating Environment......Page 170 8 The competitive, technological, political and socio-cultural environment......Page 172 The competitive environment......Page 173 Economies of scale......Page 174 Anticipated entry wars......Page 176 The power of suppliers......Page 177 The power of buyers......Page 178 The degree of competitive rivalry......Page 180 The technological environment......Page 181 Hospitality......Page 183 Travel and tourism......Page 185 Leisure and recreation......Page 186 The political environment......Page 187 1998: Low Pay Commission report on the minimum wage (UK)......Page 188 Other interest groups......Page 189 The 1998 Working Time Directive (European Community)......Page 190 Population: growth and age distribution......Page 191 Lifestyles, culture and attitudes......Page 193 Review of key terms......Page 195 Review questions......Page 199 Web sites of interest......Page 200 9 The economic environment......Page 201 The economic environment and demand......Page 204 Household consumption......Page 205 Real household’s disposable income......Page 206 Employment and wages......Page 207 Taxes and benefits......Page 208 Borrowing, saving and interest rates......Page 209 Export and import demand......Page 210 Government expenditure......Page 211 Investment......Page 212 The economic environment and costs......Page 213 Economic cycles......Page 214 Government economic policy......Page 215 1985–1988: Boom......Page 216 1992–1994: a lucky escape......Page 218 Opportunities and threats analysis......Page 219 Review of key terms......Page 220 Review questions......Page 223 Web sites of interest......Page 224 Part Five Investment......Page 226 10 Investment in the private sector......Page 228 Definition and examples......Page 229 Cost of investment......Page 231 Planning costs......Page 232 Costs of capital goods......Page 233 Price of output......Page 234 Quantity of output sold......Page 235 Appraisal techniques......Page 236 Average rate of return......Page 237 Internal rate of return......Page 238 The accelerator principle......Page 239 Sources of funds......Page 240 Review of key terms......Page 241 Multiple choice......Page 244 Web sites of interest......Page 245 11 Investment in the public sector......Page 246 Sources......Page 247 Methods and aims......Page 248 Cost–benefit analysis......Page 250 Other factors affecting public investment......Page 251 Investment incentives for tourism and leisure projects......Page 252 Sources of funds......Page 253 Operating profits, taxation and borrowing......Page 254 National Lotteries......Page 255 The public sector investment debate......Page 256 Review of key terms......Page 257 Multiple choice......Page 261 Web sites of interest......Page 262 Part Six Economic Impacts......Page 264 12 Income, employment and prices......Page 266 A simple macroeconomic model......Page 267 Gross and net national income......Page 268 Real and money national income......Page 269 Importance......Page 270 Employment......Page 271 Wages......Page 275 Taxation......Page 276 Multipliers......Page 277 The Keynesian multiplier......Page 279 Tourism multipliers......Page 281 Constructing a tourism destination price index......Page 283 Income and employment......Page 285 Counter-inflationary policy......Page 286 Review of key terms......Page 287 Multiple choice......Page 289 Review questions......Page 290 Web sites of interest......Page 291 13 Economic development and regeneration......Page 292 Meaning and measurement......Page 293 Problems of measurement......Page 294 Land......Page 295 Labour......Page 296 Technology......Page 297 Free market......Page 298 Leisure and tourism development in Spain......Page 299 Leisure and tourism development in Japan......Page 301 Developing countries......Page 302 Characteristics......Page 303 Development strategies......Page 304 Leisure and tourism development in China......Page 305 Tourism in Vietnam......Page 306 Regeneration......Page 307 Rural regeneration......Page 309 Review of key terms......Page 312 Multiple choice......Page 314 Web sites of interest......Page 315 Part Seven The Global Economy......Page 316 14 The balance of payments and exchange rates......Page 318 Free trade, the World Trade Organization and General Agreement on Trade in Services......Page 319 Trade and trading blocs......Page 320 The Asia-Pacific Economic Cooperation forum......Page 321 The balance of payments......Page 322 The current account......Page 323 Visibles......Page 324 Invisibles......Page 325 Lending and borrowing......Page 328 The balance of leisure and tourism payments......Page 329 Trends and comparisons......Page 330 Devaluation or currency depreciation......Page 331 Significance of exchange rates......Page 332 Determination of floating exchange rates......Page 333 Supply of sterling (demand for Australian dollar)......Page 334 The Euro......Page 335 Exchange rate trends and government policy......Page 336 Review of key terms......Page 337 Multiple choice......Page 340 Web sites of interest......Page 341 15 Globalization......Page 342 Globalization......Page 343 Motives for going multinational......Page 346 National diamonds’......Page 348 Tariff avoidance......Page 349 Air travel......Page 350 Shipping......Page 351 Effects of multinationals on host economies......Page 352 Leakages from the economy......Page 353 Threat to local competition......Page 354 Labour exploitation......Page 355 Power and accountability......Page 356 Review of key terms......Page 357 Review questions......Page 361 Web sites of interest......Page 362 Part Eight Environmental Economics......Page 364 16 Environmental impacts......Page 366 Recreation, leisure, tourism and the environment......Page 367 Pollution......Page 369 Physical impacts......Page 370 Climate change......Page 371 Economic growth and well-being......Page 372 Externalities......Page 373 Renewable resources......Page 376 The macroeconomy and waste......Page 378 Environmental effects of other sectors on the leisure and tourism sector......Page 380 Review of key terms......Page 383 Multiple choice......Page 387 Web sites of interest......Page 388 17 Action for sustainability......Page 389 Meaning of sustainable development......Page 390 Policy......Page 392 Approaches to sustainability......Page 393 Environmental impact assessment......Page 394 Special designation......Page 395 Taxes, subsidies and grants......Page 396 Tradable rights and permits......Page 399 Soft tools......Page 400 Tourism eco-labelling......Page 401 Pricing the environment......Page 402 Willingness to pay method......Page 403 Travel cost method......Page 404 Mitigation behaviour method......Page 405 Review of key terms......Page 408 Multiple choice......Page 413 Web sites of interest......Page 414 18 Critique, alternative perspectives and change......Page 415 Marx versus orthodox economics......Page 417 Critical evaluation of the economic state of recreation, leisure and tourism, and desirable economic ends......Page 423 Practical approaches......Page 426 Pressure groups......Page 427 Greenpeace......Page 429 Oxfam......Page 430 Radical economic research and reconfiguration......Page 431 Free trade/fair trade......Page 432 Pro-poor tourism......Page 434 Endnote: markets, ethics and power......Page 436 Review of key terms......Page 437 Multiple choice......Page 439 Web sites of interest......Page 440 References and further reading......Page 441 C......Page 452 G......Page 453 N......Page 454 S......Page 455 Z......Page 456

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