Introduction
Economic activity and our environment have been closely linked since man first discovered the concept of trade. In the language of economics, the environment has itself, become an increasingly “scarce resource1”. Since economics is about managing these scarce resources, it will be a useful tool when considering some of the environmental issues facing our planet. One of the major concerns confronting the environment today is the overfishing of the world’s oceans, depleting some species to near extinction. With continued advances in technological and industrial proficiency, fishing vessels are able to fish across the globe, further exacerbating the effects of overfishing. Because the oceans are considered a shared or common resource, they inherently lack specific property rights protection and are therefore vulnerable to resource over-exploitation. As a result, fishing on much of the world’s oceans is not subject to regulation and therefore monetization of this dwindling common resource is further incentivized to the detriment of general societal welfare.
The Problem
Global demand for Bluefin Tuna has pushed populations of this species to “decline over 70% in the last 30 years2”. The participants, fisheries and fishermen, acting in their own self-interest for the greatest short-term gain, will eventually deplete this common resource until it is exhausted. In this sense, the plight of the Bluefin Tuna can be described in economic vernacular as a “tragedy of the commons1”. The expression tragedy of the commons describes how free and open access to common resources, traditionally environmental, are typically overused and will eventually be depleted or destroyed. This negative environmental externality, the unint...
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...y optimal level by using the corrective market policies at their disposal. The key is to identify the particular tool or policy that will best move the market toward the most efficient allocation of resources.
Works Cited
1 Principles of economics. 6th ed. Mason, OH: South-Western Cengage Learning, 2012. Print.
2 PBS. PBS, 14 Feb. 2012. Web. 8 Nov. 2013. .
3 Scientific, Technical and Economic Committee for Fisheries (STECF). "Summary of the 2013 Annual Economic Report on the EU Fishing Fleet." Publications, JRC, EU. Joint Research Centre’s European Commission, 1 Sept. 2013. Web. 8 Nov. 2013. .
4 An inquiry into the nature and causes of the wealth of nations. Chicago: University of Chicago Press, 1976. 67. Print.
U.S. General Accounting Office. Commercial Fisheries: Entry of Fishermen Limits Benefits of Buyback Programs. Washington: Government Printing Office, 2000.
Due to the demand many packaging for the fish can find its was back to sea, or when fishermen are out at sea they can leave their garbage. Many nets from the boats and gears can also be found in the water, that fish can later see as food, eat it, and die; this ties back to extinction in fish. There is much pollution and decline stocks in fish because it is very hard to regulate the seas. To fulfill the growing demand for seafood, many companies are forced to fish beyond areas that are supposed to be non-fishing zones. This is because there are hardly any laws or restrictions telling them where they can and cannot fish. Sally Driscoll and Tom Warhol report in, ‘Overfishing’, that itt wasn’t until 1956 where we saw our first regulation, the United Nations organized the first UN Convention of the Law of the Sea or the NCLOS which helped promote rights of all countries by establishing boundaries off shore. Meaning that some seafood fished in certain areas of the ocean cannot be sold in certain countries, and in some areas it is illegal to fish unless you have a permit from that country. Economy also helps make it harder to regulate the seas, in ‘Overfishing’ it is explained that Preisdent Barack Obama brought up Antiquities Act of 1906, that let fishermen expand their fishing areas. The United Nations FAO estimates that 25 percent of all fish trapped in nets are labeled unusable or not licensed for fishing by the
Smith, Adam. 1981 [1776]. An Inquiry Into the Nature and Causes of the Wealth of Nations. Indianapolis, Indiana: Liberty Press.
Smith, A. (2005). AN INQUIRY INTO THE NATURE AND CAUSES OF THE WEALTH OF NATIONS. Hazleton: A PENN STATE ELECTRONIC CLASSICS SERIES PUBLICATION. (Original work published 1776)
Earth's oceans make up over 75% of the Earth as a whole. With that being said, it is vital to understand the significance on the contents of the oceans. Since fish and marine products make up a large portion of our diet, fishing practices need to be properly managed. In this essay, overfishing will be defined, its consequences will be revealed, and plans for proper fish distribution will be executed.
Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations. 4th Edition. Edited by R.H. Campbell and A.S. Skinner. 1776. Reprint, Oxford: Clarendon Press, 1979.
The “Tragedy of the Commons” is an inevitable result of human nature coined by ecologist Garrett Hardin in his 1968 article of the same name. In the article Hardin reports that open resources such as game animals or rivers, “commons”, will be destroyed due to natural human selfishness by the individual. This is clear in the case of overfishing in Peru, for example, which environmental historian Gregory Cushman discusses in his book on Peruvian fishing industries. Hardin provides two solutions: either privatization or mutual coercion agreed upon by those most affected. Due to globalization the people who are most affected are far too diverse to collectively agree to cut back on consumption. The cause of over consumption no longer lies upon the
Smith, Adam. "CHAPTER XI OF THE RENT OF LAND." An Inquiry into the Nature and Causes of the Wealth of Nations. Oxford: Clarendon, 1976. 161. Print.
Rupert Murray’s The End of the Line focuses on the depletion of the oceans fisheries and the devastating effects it has already begun to have on ecosystems and less affluent populations. The film opens with a description of the tribulations of Newfoundland. Once possessing waters so populous with cod that one could “walk across their backs in the water,” improved technology and larger fishing vessels began to deplete the fish stocks. Despite placing a moratorium on fishing in 1992, the fisheries had already been depleted to the point of complete collapse. Similar processes are occurring around the world, as only .6% of the ocean is restricted to fishing vessels. According to the film, much of the ocean’s catch has declined by 90%; the continuation of current trends if continue, stocks will collapse by 2048.
With a coastline of over 202,000 km and over a fourth of the world’s freshwater resources, it is no wonder why Canada’s fishing industry is a huge part of its economy.1 Canada exports more than 75% of its fish to over 130 countries worldwide. Many of the 7 million people who reside on the coast depend on the ocean’s resources. In total, Canada’s entire fishing industry is worth around $5 billion a year, being one of the world’s most valuable. However, the coasts have not been treated with respect; overfishing, over consumption, and wasteful practices have deteriorated, not only the industry, but the ecosystems and fish populations. This is a huge global issue; the worldwide collapse of fisheries is projected for 2048.
Landes, D., 1999. The Wealth and Poverty of Nations: Why Some Are So Rich and Some So Poor. New York: W. W. Norton & Company, 38-59
Butler,James N., et al. “The Bermuda Fisheries: a tragedy of the commons averted?” Environment Jan-Feb/1993/pg6+
Overfishing is a harmful practice, that will eventually lead to the collapse of aquatic ecosystems, if it’s not dealt with promptly. Overfishing emerges from the combination of our over consumptive society mixed with the great profits that come from hauling in a good catch. The consumers demand for fish in Japan seems to be at an increasingly high rate due to the enjoyment and cultural values that arise from sushi and other traditional dishes involving seafood. Approximately 23 percent of Japan’s protein intake comes from the ocean, and as a nation consumes 7.5 million tonnes of seafood annually. CITATION
Miyake, Makoto, Patrice, Guillotreau, Chin-Hwa, Sun and Gakushi, Ishimura. Recent developments in the tuna industry: Stocks, fisheries, management, processing, trade and markets. Food and Agricultural Organization, 2010.
Throughout Canada’s economy, many industries factor how Canada makes money such as the mining industry, oil and natural gas industry, forest industry and even the agricultural industry. Although the most quick and deadly decline in an industry occurred the fishing industry. The fishing industry happened along east and west coastal areas where Atlantic cod or salmon were abundantly found while today the population of salmon is almost extinct and the moratorium in NL stands to protect fish in Canada. Today hardly any fish are able to reproduce themselves in the coastal seas where fishes were abundant about 30 years ago. The dramatic collapse of the fish population was of the regarding reasons the use of modern technology, mismanagement of the government and overfishing. To begin, fishing was done on a renewable basis by waiting until the fish were migrating and selected the fish they wanted. However, today both coasts of Canada’s fishery does not exist mainly due to the fact, after the 1950’s the new use of technology such as violent new boats with radar that have a electronic navigation systems and sonar allowed fisherman to follow the fish to their homes even in winter. This caused fisherman to fish year round, day and night, even in ice to the homes of fish. In addition, the use of huge nets also swept up many non-commercial species or commercial fish so young that they should have been left in the ocean to reproduce. In addition, one-third of the fish caught was actually taken to the market to sell while the rest were dumped (killed). The use of technology killed more fishes than any other centuries of fishing. The use of modern technology was not monitored thus killing more fish. With thousands of fish commercial or not the...