The Economics of Fishing

The fishing industry’s critical dependence on the natural environment makes it very different from other economic sectors. How it can optimally exploit a common resource while ensuring its sustainability raises many economic challenges. This book, suitable for undergraduate and postgraduate courses on fisheries economics and management, provides an introduction to the economics of the fishing industry and the role of fisheries in the world economy.The book’s primary focus is on capture fisheries, although the discussion brings in wider aquaculture for comparative analysis. The key economic concepts that drive the industry, most notably sustainable yield, are explained in detail, before examining how the industry puts them into practice in a complex regulatory environment. The variability of fish stocks is considered and case studies of some spectacular stock crashes are discussed. The law of the sea is explained and how the movement of fish stocks across ocean boundaries has created re