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 … open economy with unemployment. A tourism boom improves the terms of trade, increases labor employment, but lowers capital … capital intensive, the fall in capital would not be so severe and the expansion of tourism improves welfare. However, when the …