Economic Principles for the Hospitality Industry

Ricardo C. S. Siu is an Associate Professor of Business Economics in the Faculty of Business Administration, University of Macao. His research interests focus on applying institutional economics to explore the development of tourism and various topics relating to the Macao and Chinese economies. His research has a strong focus on applied economics and he teaches courses such as Microeconomics, Macroeconomics, Applied Economics for the Leisure Industries, the Macao Gaming and Hospitality Industries. He has spoken at various business and professional forums and has published widely on these topics.

• '1. Introduction. 2. Hospitality Industry in the World Economies. 3. Economic Attributes of Consumers and Firms. 4. Pricing and Output Decisions of Firms. 5. Macroeconomic Environment and Business Cycles. 6. Money and the Monetary System. 7. Technology and Innovation. 8. Sustainable Development. Glossary.

“This second edition of Economic Principles for the Hospitality Industry is a most welcome and timely update to an already indispensable resource. The author has done a commendable job incorporating the profound shifts that have reshaped our field since the first edition. From digital transformation and shifting consumer preferences to the complexities of re-globalization, all are presented within a clear and accessible economic framework. What I find particularly compelling is how the book grounds readers in core micro- and macroeconomic principles while consistently illustrating their practical applications through real-world hospitality cases. The updated examples, discussion questions, and new sections on technology and sustainability make this edition not only more current but also more insightful for both students and industry practitioners. For students and practitioners alike, this book offers a solid grounding in the economic principles that underpin our industry. I would certainly highly recommend it.”-Dr Amy Siu Ian So, Associate Professor, Department of Integrated Resort and Tourism Management, Faculty of Business Administration, University of Macau, China.“This book stands out as a thoughtfully structured and highly practical resource. It successfully bridges theory and application, guiding readers from foundational concepts to advance practices in a logical and engaging progression. It skillfully integrates micro- and macro- economic theories with distinctive hospitality scenarios, covering classic business practices like revenue management and bundled pricing, as well as cutting-edge topics such as digital finance and cruise industry innovation. Rich case insights and review sections help readers grasp knowledge efficiently. Written in clear, accessible language, it perfectly serves students, educators and industry practitioners, sharpens readers’ analytical and decision-making skills. As a whole, it is a valuable and practical resource for anyone learning or working in today’s dynamic hospitality industry.”-Dr Henry Chun Kwok Lei, Associate Professor, Department of Finance and Business Economics, Faculty of Business Administration, University of Macau, China.