In 1980 a tourism researcher Richard Butler developed a well regarded model called the Tourism Area Life Cycle that describes the evolution of the economy of resort regions. Here are the stages and how they might apply to surfing.
1. Exploration: A secret spot is disovered, no amenities, must "go feral".
2. Involvement: A few locally-run camps and a few concessions are established
3. Development: A well defined tourism industry is developed with advertising the destination
4. Consolidation: Tourism become a dominant feature of the local economy
5. Stagnation: Tourism growth slows and carrying capacity is reached, the area is no longer a new hotspot, maybe its overbuilt
6. Decline or rejuvination: Decline results as tourists choose other destinations, rejuvination typically requires attracting a different kind of tourist.
The consequences of this cycle seem to be a big factor is the evolution and environmental proection of surf destinations around the world.
Here's a book on the topic...