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Trends in the cod market - Admission/Application Essay Example

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Summary
From 1968, the there is an increase the metric tons of fish that are demanded although the supply is fixed. With this analysis, it is evident that because…
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Trends in the cod market
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Trends in the cod market

Download file to see previous pages... This has contributed to the high demand of the fishes in the world (Waters). In this light, biological explanations of the phenomenon indicate that the prey of the codfish population reduced because of overfishing and lack of better resource management.
Further, overfishing has devastating effects which if not controlled could even lead to depletion in the supply of certain resources. With the misconceptions on the inexhaustibility of resources, the cod fishery effects increased and therefore led to the decreased population of the fish. With fewer resources therefore, the law of demand states that the demand is bound to increase by critical levels.
In addition, the prisoner’s dilemma principle may have also led to overfishing in most of the seas. This economics concept tries to explain the decisions that would make an individual predict a rival’s move and act in an approach that will maximize the pay-offs. In this light therefore, many cod fishermen have turned to overfishing, because this is what they think other fishermen are also doing before the stocks run out. With this aspect in mind, they will take more than the required share even if an agreement is placed to control the amount of fish they are supposed to take. This has led to the decline in the cod population and therefore raised their demand.
Expectations of depletion in the population of cod have also led to increases in the demand and subsequent overfishing. With the decreasing population of cod, many fishermen expect that in the near future the cod will not be in existence. This expectation has increased their attempts to get better catches and improve their customer’s high levels of demand.
On the other hand, favorable tastes and preference towards the codfish have also led to the increase in the demand of cod. In this perspective therefore, the fish steak in most countries including Europe have preferred to use ...Download file to see next pagesRead More
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