Chao, Chi-Chur; Hazari, Bharat R.; Laffargue, Jean-Pierre; … - HAL - 2005
This paper examines the effects of tourism on labor employment, capital accumulation and resident welfare for a small … capital intensive, the fall in capital would not be so severe and the expansion of tourism improves welfare. However, when the … traded sector is strongly capital intensive, the fall in capital can be a dominant factor to lower welfare. This immiserizing …