Chapter

Introduction: Overview of World Capture Fisheries and the Foundations of Fisheries Economics

Trond Bjørndal and Gordon R. Munro

in The Economics and Management of World Fisheries

Published in print October 2012 | ISBN: 9780199576753
Published online January 2013 | e-ISBN: 9780191745973 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199576753.003.0001
Introduction: Overview of World Capture Fisheries and the Foundations of Fisheries Economics

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This chapter reviews the Gordon-Schaefer static economic model of the fishery, the model marking the beginning of modern fisheries economics. The model is examined in the context of two cases – Pure Open Access, in which property rights and government regulations are completely absent; and Regulated Open Access, in which there is government regulation of the fishery that is confined strictly to season by season harvest limits. The static model demonstrates that overexploitation of the resource will occur under Pure Open Access, along with dissipation of resource rent, and that, as a minimum, resource rent dissipation, driven by excess fleet capacity, will occur under Regulated Open Access. The chapter concludes with an assessment of the static economic model of the fishery, pointing both to the conclusions of the model that continue to be valid, and to the shortcomings of the model arising from its static nature.

Keywords: Pure Open Access; Regulated Open Access; rent dissipation; bionomic equilibrium

Chapter.  8441 words.  Illustrated.

Subjects: Economic Development and Growth

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