ABSTRACT

When economic theories are extended to fit the principles of port management, it becomes evident that a port can achieve advantage, specialization, or niche through four principal paths: by delivering a service that is hard to provide, through innovation, through lower cost, and through efficient allocation of resources. Economic growth is perceived as a nation’s or industry’s capacity increase over time and the ability to accelerate the output. The measurement of economic growth is either in nominal terms, where inflation is included, or in real terms, which provides for inflation adjustments. Economic stimulus on the other hand pertains to a nation’s or the port’s capacity to trigger financial growth. The American Association of Port Authorities has developed and currently implements a sustainability platform for all its members. Each individual port has a distinctive package of topographical, socioeconomic, national, environmental, operational, technical, and financial particulars that structure and determine its growth pursuits.