Economy
Traditionally, Aberdeen was home to fishing, textile mills, shipbuilding and paper making. These industries have been largely replaced. High technology developments in the electronics design and development industry, research in agriculture and fishing and the oil industry, which has been largely responsible for Aberdeen's economic boom in the last three decades, are now major parts of Aberdeen's economy. Until the 1970s, most of Aberdeen's leading industries dated from the 18th century; mainly these were textiles, foundry work, shipbuilding and paper-making, the oldest industry in the city, with paper having been first made there in 1694. Paper-making has reduced in importance since the closures of Donside Paper Mill in 2001 and the Davidson Mill in 2005 leaving the Stoneywood Paper Mill with a workforce of approximately 500. Textile production ended in 2004 when Richards of Aberdeen closed.
Grey granite was quarried at Rubislaw quarry for more than 300 years, and used for paving setts, kerb and building stones, and monumental and other ornamental pieces. Aberdeen granite was used to build the terraces of the Houses of Parliament and Waterloo Bridge in London. Quarrying finally ceased in 1971. The current owners have begun pumping 40 years worth of rain water from the quarry with the aim of developing a heritage centre on the site.
Fishing was once the predominant industry, but was surpassed by deep-sea fisheries, which derived a great impetus from improved technologies throughout the 20th century. Catches have fallen due to overfishing and the use of the harbour by oil support vessels, and so although still an important fishing port it is now eclipsed by the more northerly ports of Peterhead and Fraserburgh. The Fisheries Research Services are headquartered in Aberdeen, and there is a marine research lab in Torry.
Aberdeen is well regarded for the agricultural and soil research carried out at The James Hutton Institute (formerly the Macaulay Land Use Research Institute), which has close links to the city's two universities. The Rowett Research Institute is a world-renowned research centre for studies into food and nutrition located in Aberdeen. It has produced three Nobel laureates and there is a high concentration of life scientists working in the city.
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Famous quotes containing the word economy:
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)