Now, in the latest sign of the skewed economics of today’s wealth boom, we learn about the yacht shortage. According to yacht builders in the U.S. and Europe, the waiting lists for megayachts are now stretching to three years or more. The problem: too many yacht buyers, not enough yacht-making capacity. Yacht makers are expanding as fast as they can to meet demand. But finding qualified labor is difficult — there are only so many plumbers who can install antique French faucets for nautical use. And other yards are leery of expanding too rapidly, lest the boom turn into a bust. Read more...
