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The Way Forward: Getting the Economic Theory Right - The First Steps

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  • The University of British Columbia based Global Ocean Economics Project will, in its second phase, be addressing the issue of the rebuilding of hitherto overexploited capture fisheries. In so doing, it looks forward to working closely with the OECD. The paper argues that the first step in this second phase is to ensure that the underlying theoretical foundation is sound. Restoring overexploited capture fisheries, to a marked degree, involves the rebuilding of fish stocks. If fish stocks constitute “natural” capital, then a program of rebuilding the fish stocks is, by definition, an investment program. The paper argues that, while the theory of capital, as it pertains to fisheries is reasonably well in hand, the theory of investment pertaining to fisheries is not. This paper is designed to get the discussion of the theory of investment in fish resources underway. It does so by focussing on the highly sensitive policy question of the optimal rate of investment in such resources. The maximum rate of resource investment is achieved, of course, by declaring an outright harvest moratorium.
  • Keywords: Fishery Management, Fisheries Economics, Global Fisheries Contribution to National Economies: Management and Policy Options for Rebuilding
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  • Munro, Gordon R. 2010. The Way Forward: Getting the Economic Theory Right - The First Steps. 13 pages. In: Proceedings of the Fifteenth Biennial Conference of the International Institute of Fisheries Economics & Trade, July 13-16, 2010, Montpellier, France: Economics of Fish Resources and Aquatic Ecosystems: Balancing Uses, Balancing Costs. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2010.
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  • US National Oceanic and Atmospheric Administration (NOAA) Fisheries Division, Agence Française de Développement, Ministère de l’Enseignement Supérieur et de la Recherche, Ministère de L’Alimentation de L’Agriculture et de la Pêche, Ministère de l’Énergie, du Développement Durable et de la Mer, La Région Languedoc Rouslilon, Département Hérault, Montpellier Agglomèration, The Department of Fisheries and Oceans, Canada, and AquaFish Collaborative Research Support Program (CRSP).
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