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THE ECONOMICS OF OCEAN RESOURCES - Essay Example

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In order to discover what sort of institutions, markets, incentive structures, and social norms reward appropriate use of marine resources, there has to be a proper framing of the problem. Traditionally, marine conservation has focused on resolving the standard common issue in…
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THE ECONOMICS OF OCEAN RESOURCES

Download file to see previous pages... Until nature’s public goods and marine resources receive explicit consideration in marine policy, insufficient conservation and biodiversity will result. Fisheries are a classic example of the manner in which marine conservation problems have been framed traditionally (Beamish & Brian 24). The services and biodiversity of unblemished ecosystems are public goods that avail numerous public benefits. The crucial role that public goods play is increasingly acknowledged in marine resource management. Two vital management tools have gained momentum in industrialized countries in recent years. These are marine spatial planning, inclusive of the application of MPAs (marine protected areas), and the rights-based management system, inclusive of catch shares. Both tools reflect a fair amount of consideration of the public good and the nature of marine resources.
Environmental public goods, for example, biodiversity and ecosystem services are applicable without having to cut back on the available supply. That is, they are non-rival. Once public goods are supplied, it is out of the question to exclude other parties from consuming them. That is, they are non-excludable. Public goods bring about public benefits through option values, indirect existence, and use.
Some environmental assets are labeled ‘impure public goods’ because they provide both public and private good benefits. Impure public goods are also known as mixed goods. For example, whales are impure public goods since they provide public benefits because of their existence and contributions to the marine food web and private benefits because they enable hunting. Seabirds, sea turtles, among other cetaceans such as vaquitas and dolphins are also impure public goods (Beamish & Brian 24). This is because they provide both public and private benefits, with fluctuating strengths of excludability and rivalry. Efficient conservation and supply of impure ...Download file to see next pagesRead More
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