Abstract:
In a 2009 paper in Land Economics, Roy, Arnason and Schrank used a newly developed methodology based on cointegration analysis to establish and measure the role of the fishing industry as an economic base industry (and the only such base industry) for the Canadian province of Newfoundland over the period 1961-1994. Since that period, the groundfish harvesting sector has collapsed, although it has been replaced by a crustacean fishery that provides similar value added but is considerably less labor-intensive. At the same time, valuable petroleum deposits have been developed offshore which have resulted in considerable consequent economic activity, perhaps to the extent of establishing a new economic base industry. This study is based on the same methodology as in Roy, Arnason and Schrank, but documents the impact of both the major structural shifts within the fishing industry and the development of competing economic base sectors in petroleum extraction and its derivatives.
Description:
Financial assistance from the Vice-President (Research) and the Faculty of Arts at Memorial University of Newfoundland, and from the Social Sciences and Humanities Research Council of Canada, is gratefully acknowledged.
