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Objective: The aim of this paper is to demonstrate how a high-skilled competitively-priced Polish labour force, thriving amid manufacturing policies which are far from a coalition of coincidences, has created a specialist yacht-building sector - and a superyacht one with exceptional potential.
Research Design & Methods: After the superyacht sector is defined and described, this theoretical and empirical study sets out to apply basic correlation and regression in order to isolate demand and production factors most likely to explain and ensure continued success. Limited data and previous research produces a clear result nonetheless. Compared with boatyards in nascent or mature boatbuilding nations, manufacturing nations with a strong labour market - a highly-skilled, cost-competitive workforce - are delivering persistent prosperity with promise of further growth. This, for the first time, weighs the comparative importance of supply-side factors driving production, as well as it points to the way for further work to understand its success.
Findings: A positive relationship between overall global fleet size and the numbers of millionaires in producer countries is confirmed by correlation and regression analyses, which proves three hypotheses. First, the dominant influence of competitive labour resources; second, the much lesser role of tax policy among other factors, such as industry path dependency and education levels, which are also key economic drivers of growth. The third, subsidiary hypothesis also holds: that a sector with special advantages - in this case luxury products in a resilient marketplace - can to some extent avoid the disadvantages of an economy's small size while outperforming other manufacturing segments. The findings confirm that the global superyacht market presents significant opportunities for expansion and enterprise for producers such as Poland.
Implications/Recommendations: The EU recognises the importance of marine industries to trade and enterprise. However, to take advantage of assured superyacht market growth, policymakers need to continue to nurture a skilled labour pool with funding and training support. They could also cut corporation tax to specifically support boatbuilders, perhaps introducing a lower tier for innovating and expanding industries under Industrial Revolution 0.4 strategies.
Contribution/Value Added: The values of this article include the following: an in-depth examination of a specific sector with appeal to work and wealth creators worldwide; identifying a special labour market premium in Poland as well as low-cost producer nations and unrecognised upside opportunities for all market participants. (original abstract)
Research Design & Methods: After the superyacht sector is defined and described, this theoretical and empirical study sets out to apply basic correlation and regression in order to isolate demand and production factors most likely to explain and ensure continued success. Limited data and previous research produces a clear result nonetheless. Compared with boatyards in nascent or mature boatbuilding nations, manufacturing nations with a strong labour market - a highly-skilled, cost-competitive workforce - are delivering persistent prosperity with promise of further growth. This, for the first time, weighs the comparative importance of supply-side factors driving production, as well as it points to the way for further work to understand its success.
Findings: A positive relationship between overall global fleet size and the numbers of millionaires in producer countries is confirmed by correlation and regression analyses, which proves three hypotheses. First, the dominant influence of competitive labour resources; second, the much lesser role of tax policy among other factors, such as industry path dependency and education levels, which are also key economic drivers of growth. The third, subsidiary hypothesis also holds: that a sector with special advantages - in this case luxury products in a resilient marketplace - can to some extent avoid the disadvantages of an economy's small size while outperforming other manufacturing segments. The findings confirm that the global superyacht market presents significant opportunities for expansion and enterprise for producers such as Poland.
Implications/Recommendations: The EU recognises the importance of marine industries to trade and enterprise. However, to take advantage of assured superyacht market growth, policymakers need to continue to nurture a skilled labour pool with funding and training support. They could also cut corporation tax to specifically support boatbuilders, perhaps introducing a lower tier for innovating and expanding industries under Industrial Revolution 0.4 strategies.
Contribution/Value Added: The values of this article include the following: an in-depth examination of a specific sector with appeal to work and wealth creators worldwide; identifying a special labour market premium in Poland as well as low-cost producer nations and unrecognised upside opportunities for all market participants. (original abstract)
Rocznik
Numer
Strony
83--99
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autor
Bibliografia
- Achille, A. & Zipser, D. (2020). A perspective for the luxury-goods market during - and after - coronavirus. McKinsey & Company. Available at: https://www.mckinsey.com/industries/retail/our-insights/a-perspective-for-the-luxury-goods-industry-during-and-after-coronavirus (accessed: 15.04.2021).
- Baldwin, R. (2018). A long view of globalisation in short. The New Globalisation, Part 5 of 5. VoxEu, December 5, 2018. Available at: https://voxeu.org/content/long-view-globalisation-short-new-globalisation-part-5-5 (accessed: 14.11.2021).
- Baldwin, R., & Lopez-Gonzalez, J. (2013). Supply-Chain Trade: A Portrait of Global Supply Patterns and Several Testable Hypotheses. NBER, April 2013. Available at: https://www.nber.org/papers/w18957 (accessed: 31.07.2021).
- Boat International (2021). Global Order Book sup-plement.Boatinternational.com. Data in Fig 1**, Fig 3* and Table 2*. Available at: https://www.boatinternational.com/yacht-market-intelligence/luxury-yachts-on-or der/2020-global-order-book--42403https://www.boatinternational.com/yacht-market-intelligence/luxury-yachts-on-order (accessed: 15.10.2021).
- Bereza, J. (2020). Poland Country Commercial Guide.USA Department of Commerce. International Trade Administration. Available at: https://www.trade.gov/knowledge-product/poland-advanced-manufacturing (accessed: 15.07.2021).
- Bunn, D., & Asen. (2020). International Tax Competitiveness Index 2020. Available at: https://taxfoundation.org/publications/international-tax-competitiveness-index/ (accessed: 15.10.2021).
- Capgemini. (2021). Data Figure 1*. Consultancy.com. Available at: https://www.consultancy.uk/news/28371/the-world-now-has-more-than-20-mil-lion-millionaires (accessed: 10.10.2021).
- Card, D., & Krueger, B (1994). Minimum Wages and Employment: A Case Study of the Fast-Food Industry in new Jersey and Pennsylvania. The American Economic Review Sept 1994.
- Card, D., & Krueger, A. B. (1995). Time-Series Minimum-Wage Studies: A Meta-analysis. The American Economic Review, 85(2), 238-243.
- Catry, B (2003). The Great Pretenders: The magic of luxury goods. Business Strategy Review, 14(3), 10-17.
- David, P. A. (1985). Clio and the economics of QWERTY.AER Papers and Proceedings, 75, 332-337.
- David, P. A. (1987). Some New Standards for the Economics of Standardisation in the In formation Age. In P. Dasgupta & P. Stoneman (Eds.), Economic Policy and Technological Performance(pp. 149-194). Cambridge University Press.
- Day, M. (2018.7.25). Making waves: Poland's yacht industry one of the biggest in the world. thefirst-news.com. Available at: https://www.thefirstnews.com/article/making-waves-polands-yacht-industry-one-of-the-biggest-in-the-world-1342 (accessed: 12.09.2021).
- Dempsey, H. (2021) Superyacht market surges as wealthy seek luxury and seclusion. Financial Times, May 29, 2021. Available at: https://www.ft.com/content/144c7b36-67fb-4e87-a99a-613541a68f66 (accessed: 13.06.2021).
- Dubois, B., Laurent, G., & Czellar, S. (2001). Consumer rapport to luxury: Analyzing complex and ambivalent attitudes. HEC Research Papers Series No. 736. Available at: https://econpapers.repec.org/paper/ebgheccah/0736.htm (accessed: 15.11.2021).
- European Commission (2021). Labour market information overview. Available at: https://ec.europa.eu/eures/main.jsp?catId=2789&countryId=PL&acro=lmi (accessed: 10.11.2021).
- European Skills Council for the Maritime Technology Sector (2020). Evolution of Supply, Employment and Skills. Available at: https://www.seaeurope.eu/images/content/European-Skills-Council.pdf (accessed: 07.08.2021).
- Forbes (2021). Real-Time Billionaires. Forbes.com. Available at: https://www.forbes.com/real-time-billionaires/
Typ dokumentu
Bibliografia
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bwmeta1.element.ekon-element-000171639849
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