The economic significance of tourism to the economy of Newfoundland

Banfield, Derek Willis James (1976) The economic significance of tourism to the economy of Newfoundland. Masters thesis, Memorial University of Newfoundland.

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Abstract

Tourism in Newfoundland has grown substantially over the years and is continuing to grow. As well only limited efforts have been expended in developing a picture of tourism's economic significance to the people of Newfoundland. Hence, this paper has as its primary purpose the identification of the economic impact of tourist related spending on the Newfoundland economy. Secondary purposes of this thesis are to analyze previous writings, related to the economics of tourism, and to examine the utility of income multipliers in the formulation of policy. -- In attempting to attain these objectives/purposes the following approach is adopted. Firstly, the theory of the multiplier as it relates to tourism is presented. Secondly, a thorough literature review of tourism impact studies is undertaken. The review is in the form of critical analyses with a view to identifying theoretical and technical limitations. Thirdly, an analytical framework is developed to allow the most effective use of the limited empirical data within a conceptually sound approach. Fourthly, the data deemed necessary for the analytical framework is presented, and the model is applied. Fifthly, the overall impact (direct, indirect and induced effects) of tourist related spending is identified and applied to determine the impact on, and tourism's share of, the total provincial personal income, employment and taxation revenue. Lastly, discussion of a sociological, cultural and ecological nature is presented. Based on this discussion and the economic analysis, factors which must be considered in the formulation of an industrial strategy for tourist development are cited. -- The basic conclusions drawn are that tourism is indeed a multi-facet activity, and that the impact of tourism related spending is significant. Given the province's desire to alleviate chronic unemployment, underdevelopment and to have some degree of balanced growth in the sectors of its economy, tourism must be given the recognition it so rightly deserves as a necessary growth industry.

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