An Economic Transactions Analysis of Tourism

  • Peter J. Buckley


This article suggests that the complex set of markets and the composite products which make up tourism can be best analysed by adopting an approach based on the analysis of transactions. The transaction is the fundamental unit of economic analysis. Tracing the transactions chain and the packaging of transactions makes the analysis of tourism more straightforward and gives a unit to its conceptualisation.


Transaction Cost Tour Operator Transfer Price Multinational Enterprise Tourist Product 
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  1. 1.
    Ronald Coase (1937) ‘The Nature of the Firm’, Economica (New Series), Vol. 4, pp. 386–405.CrossRefGoogle Scholar
  2. 2.
    Ibid., p. 391; and Mark Casson (1983) ‘Introduction: the conceptual framework’, in Mark Casson (ed.) The Growth of International Business (London: George Allen & Unwin).Google Scholar
  3. 3.
    For the application of this approach to multinational companies, see Peter J. Buckley and Mark Casson (1985) The Economic Theory of the Multinational Enterprise: Selected Papers (London, Macmillan).Google Scholar
  4. See also the development of the markets and hierarchies’ approach particularly associated with Oliver Williamson, notably Oliver E. Williamson (1975) Markets and Hierarchies: Analysis and Anti-Trust Implications (New York: Free Press)Google Scholar
  5. and Oliver E. Williamson(1981) ‘The Modern corporation: origins, evolution attributes’, Journal of Economic Literature, 19, pp. 1537–68.Google Scholar
  6. 4.
    See the contrasting analyses of A. J. Burkart and S. Medlik (1984) Tourism: Past, Present and Future, 2nd edn (London: Heinemann)Google Scholar
  7. and Peter E. Murphy (1986) Tourism; A Community Approach (Methuen: New York and London).Google Scholar
  8. 6.
    See A. J. Burkart (1975) ‘The role of the large tour operator in the development and promotion of tourism’, in A. J. Burkart and S. Medlik (eds) The Management of Tourism: A Selection of Readings (London: Heinemann).Google Scholar
  9. 7.
    See Socrates I. Papadopoulos (1985) ‘An economic analysis of foreign tourism to Greece’, unpublished PhD Thesis, University of Bradford;Google Scholar
  10. and Peter J. Buckley and Socrates I. Papadopoulos (1986) ‘Marketing Greek tourism — the Planning Process’, Tourism Management, 7, 2, June, pp. 86–100.CrossRefGoogle Scholar

Copyright information

© Peter J. Buckley 1989

Authors and Affiliations

  • Peter J. Buckley
    • 1
  1. 1.University of Bradford Management CentreUK

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