Abstract:
Weitzman's paper is useful because it provides the fisheries economics profession with a reason to re-examine certain elements of
the currently accepted fisheries management theory. As a result, this contribution may lead to a more solid theoretical
foundation for fisheries management. This, of course, is the way any science is supposed to proceed. Theories should be
forwarded, challenges made and examined and theories modified or abandoned as necessary. This paper is useful as a part of
this process.
Having said this I should add that I don’t think the paper, in spite of some interesting points and valuable insights,
manages to undermine the current fisheries management theory in any significant way.
