The Serious Leisure Perspective (SLP) divides leisure activity into three forms: serious, casual and project-based, each with a number of distinguishing qualities, rewards, costs and benefits. It is presented by its creator, Robert Stebbins, as both a classification system and a theoretical framework. In its early history, it was seen as a micro-level, or at most meso-level, construct concerned with the behaviour of individuals and small groups. More recently claims have been made that its theoretical reach extends to the macro-level, encompassing broad societal issues. This paper evaluates these claims in three parts: first, examining existing macro-level critiques of the SLP in the research literature; second, assessing claims of macro-level relatedness in SLP publications; and third, considering the extent to which generic macro-level social and leisure theory have been, or could be, related to the SLP. A number of under-explored or neglected opportunities for macro-level theoretical analysis are identified but, when examined, they invariably expose the theoretical weakness of the SLP, particularly regarding any distinctive role for serious as opposed to casual leisure. This leads to the conclusion that the claim that the SLP offers a viable macro-level theoretical framework for the study of leisure is questionable.