Jeffrey K Fox SR
Professor Paul Serluco
April 21, 2009
In recent years, policymakers and the general public have expressed alarm over the use of Business Aircraft. While most believe that this is a luxury used only by elitists, it should be recognized as a valuable business tool in a very competitive world that increases productivity, flexibility and dependability; which are attributes of a well-managed firm. This literature review will examine the economic importance that this industry has on the world’s economy and will show how Business Aviation drives success, contributes billions of dollars to the U.S. Economic output and is a major factor in helping our balance of trade.
How is the Business Aviation Industry Critical to the Economic Health of the United States of America? A Review of the Literature
While the mainstream media continues to characterize business aviation as an unnecessary excess and cast it in an unflattering light, the facts disagree with these negative generalizations. According to Jim Hagedorn, Chairman and Chief Executive Officer of the Scotts Miracle-Gro Company “We couldn’t do what we do without an airplane; it’s a tool to get out and do business. That’s all it is, and it would be a major catastrophe for us to give that up.” His company’s Falcon 900, which flies a whopping 600 hours annually, is a crucial factor in keeping Scott’s business blooming. And, for the twelve thousand companies in the U.S. and thousands more worldwide that use their own business aircraft, gaining significant competitive advantage is the real headline. (Patiky, 2009)
It’s a story about success, not excess, says Richard Duchossois, founder and Chairman of The Duchossois Group, a family owned company with interests in consumer products, technology, private equity and venture capital. “We look at our company plane as an...