That Used to Be Us: Through the Eyes of the Aviation Industry

Abstract

The U.S. economic success was rooted in an industrial policy which had five pillars of a prosperity formula that served as a catalyst for development and growth: 1) public/private cooperation on education, 2) immigration policy, 3) infrastructure, 4) risk/capital management, and 5) government-funded scientific research. In this paper, the development and growth of the aviation industry is viewed in the framework of such a prosperity formula in order to face the four areas that the entire economy will need to face in the current market in order to be competitive in the global market in the 21st century. Since the aerospace and aviation industry is an integral part of the US economy, it stands that those elements will also challenge the aviation industry’s future. Considering the economic history of the industry and the prosperity formula, the industry has opportunities for not only normal growth but potentially can be used as a catalyst for industry health, significance and renewal in the future as well as the indirect aviation-related industries. It is clear that further research and thought are needed to provide pathways to meet the four economic challenges in the aviation sector identified in this paper. It is hoped that this paper will serve as a foundation for that research.