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Economic of Ocean Resources - Assignment Example

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This paper "Economic of Ocean Resources" focuses on oceans which are large water bodies that form part the International Environmental Public Goods that are fundamental in the development and sustenance of numerous economies globally. Oceans extend to numerous territories as well. …
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Economic of Ocean Resources
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Download file to see previous pages This thus makes the management and conservation of the international public good vital to both those bordering the water bodies and those who do not, failure to conserve the water bodies effectively has myriad economic ramifications as portrayed in the discussion below.
Ineffective management of oceans refers to the lack of effective administrative policies to regulate the use of the international public good thus permitting everyone to use the ocean as they wish. Among the numerous uses of oceans include navigation thus transportation of goods, sports and tourism among many others. While the ocean offers such primary services to the people, they constitute part of the global ecosystems often surviving numerous species of aquatic wildlife (Erwin, Cornelis and Timothy 5). Failing to manage the ecosystem thus permits those who use the resource to pollute the waters while those engaging in fishing to overfish even some of the endangered species in such ecosystems. The consequences of a polluted ocean are dire. These affect every citizen of the globe despite their relationship with such water bodies owing to the production of impure public goods.
As a public good, the consumption of the oceans requires the ocean to remain pure and conducive. This implies that the governments that border the water bodies must formulate effective policies that govern the use of the ocean often safeguarding the interests of the natural ecosystems found in the oceans. Among the major factors that pollute the water, include oil spillage and garbage management. The large oil tankers among other vessels that use the ocean must ensure effective and considerate use of the resource in order to curb instances of spilling oil among other types of impurities into the oceans. Additionally, industrial cities situated strategically along the water bodies must manage their wastes effectively in order to curb dumping of industrial refuse into the ocean.   ...Download file to see next pagesRead More
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