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market segments. GE’s stellar profitability has made it a pacesetter of sorts, putting pressure on its product market competitors to deliver similar levels of shareholder value. Karl Krapek, Pratt & Whitney’s president, told Forbes magazine, “I am trying to get our margins to match GE’s 17 per- cent. We have made it to 13 percent and our aim is to achieve 16 percent by 2003.”42 As any busi- nessperson knows, margins are important. With- out a healthy cash flow, there is little or no money for new investment, new product development, or strategic acquisitions. Ironically, when achiev- ing high profitability becomes the aim to be pur- sued beyond all others—when the goal is simply to make money for the sake of disbursing it to shareholders—the long-term prospects of the en- terprise itself may be endangered. When the ob- session with delivering returns to shareholders leads to an overemphasis on short-term results, corporate policies can seriously undercut the very sources of enterprise competitive advantage, as the example of the GE90 shows. RETAINING THE SKILL BASE In the end, the patterns of investment and disin- vestment by the major players in the aircraft en- gine industry suggest that attributing continuing job losses in New England to slack demand con- ditions or to a lack of regional competitive advan- tage would miss the mark. Recent declines in em- ployment seem more reflective of a reorientation of corporate strategy in a new, post–Cold War era. Factors such as industry consolidation, the eagerness of firms elsewhere to break into the ranks of world-class supplier tier, and risk aversion on the part of large manufacturers have all con- tributed in some way to the flight of jobs from New England. Such a conclusion is, from a state policy maker’s perspective, a tough nut to crack; affecting any of these conditions is impossible given a state-level policy makers’ economic devel- opment tool kit. Still, policy makers can do more than just sit on the sidelines and watch the continued flight of good jobs from the state. One should be wary of the “if you build it, they will come” approach to regional economic development, however. It is easy to be lulled into thinking that it is sufficient to beef up university engineering programs to re- tain the employment and skill base that is so cru- cial to economic vitality in the region. As illustrat- ed here, scientific talent is just one half of the high-tech manufacturing equation. Equally critical to competitive advantage are the ability and the willingness of enterprises to make the significant technological and organizational investments in skill development, investments that will pay off in the form of manufacturing process- es that turn out qualitatively better products at lower economic costs. If enterprises are unwilling to make these investments, then such a situation is especially problematic from a policy perspective; the high-tech policy cure-all—“invest in educa- tion and R&D”—may not hurt, but it may not be the ultimate solution. Still, devoting resources to maintaining and upgrading the region’s scientific infrastructure as well as its precision metalworking skill base is one proactive policy that, although it may do nothing to reverse industry trends in air- craft engine manufacturing, will at least serve to ensure that the conditions necessary for growing and attracting other high-tech manufacturing op- erations are in place. To the extent that there exist strong links between design, prototyping, and precision production activities, the scientific and skilled production skill bases are the two in- gredients without which a high-tech manufactur- ing infrastructure has no chance of being sus- tained. The example of the jet engine manufac- turing industry illustrates these links. To abandon the development of these skill bases would be equivalent to abandoning the goal of an economy centered on high-tech, high-wage manufacturing that offers the promise of good-paying jobs to both white-collar and blue-collar workers. Jet Engine Manufacturing in New England 19PDF Image | JET ENGINE MANUFACTURING IN NEW ENGLAND
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