Principles of Economics in the Maritime Industry: Market Forces, Elasticity, Consumer Demand, and Production Theory in the Context of Rapid Technological Advancements

Vrajlal Sapovadia

MPRA Paper from University Library of Munich, Germany

Abstract: This paper explores the application of core economic principles—market forces of supply and demand, elasticity, consumer demand theory, and production theory—in the maritime, shipping, and logistics industry. It emphasizes the critical role of rapid technological advancements in sustaining competitiveness within this sector. As technology becomes inseparable from operations, firms must adopt the latest innovations to optimize efficiency, reduce costs, and meet evolving consumer demands. The paper analyzes how these economic principles interact with technological integration, using examples from the maritime industry to illustrate their practical implications. The maritime industry, a cornerstone of global trade and connectivity, is undergoing a profound transformation driven by rapid technological advancements. This paper explores the fundamental principles of economics—market forces, elasticity, consumer demand, and production theory—within this evolving maritime landscape. It examines how digitalization, automation, artificial intelligence, and green technologies are reshaping supply and demand dynamics, influencing pricing strategies, altering consumer expectations in sectors like cruise tourism, and revolutionizing shipbuilding and operational efficiencies. Through theoretical analysis and illustrative case studies, this research highlights the intricate interplay between economic principles and technological innovation, identifies key research gaps, and provides insights into future research directions for a sustainable and efficient maritime future.

Keywords: Keywords: Maritime Economics; Market Forces; Elasticity; Consumer Demand; Production Theory; Technological Advancements; Digitalization; Automation; Green Shipping; Cruise Industry; Shipbuilding. (search for similar items in EconPapers)
JEL-codes: A1 A2 A20 (search for similar items in EconPapers)
Date: 2025-07-08, Revised 2025-07-08
New Economics Papers: this item is included in nep-tre
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