The Unresolved Issues in Maritime Economics

Abstract

Maritime Economics includes Port, Shipbuilding and Shipping economics with two important, but unresolved so far, issues/questions: 1) Is the vessel the firm (?) and 2) Is the tanker market perfectly competitive? These issues were thoroughly analyzed. There is also the opinion of Professor Button K (2005), about maritime economists, which we considered it necessary to evaluate. A review of Prof. Goss’ paper on “early history of maritime economics” (2002), as well his entire contribution, is also carried-out as an obituary1 to his recent death. Reference is also made to Prof. Talley’s research (2013) on “maritime economics” (2001-2012) in order to show the progress of this relatively new science of applied economics. Finally, the state of the tanker market, after 1987, and till 2010, is presented to connect past with present.