On the economic value of tourism : a pragmatic reflection

Abstract

This article addresses the economic value of tourism, namely as a tradable good primarily produced with the intent of export. Before revealing the numbers to examine the increasing impacts of the tourism economy in today’s world, a brief insight is provided on the first steps of this recent industry, which flourishes at times of long standing peace and disruptive technological change on the transport and telecommunications sector. Although the benefits of tourism tend to largely surpass any negative side effects, the role of authorities in avoiding and addressing any mounting negative externalities is explored, as timely and promptly public action is often required to protect the tourism assets. Finally, the social role of tourism is also addressed as an anchor and a complement to its undisputable economic relevance.