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 regulatory bodies to manage
international fisheries. At the heart of this management lies the
quota system and the book outlines how it works and how,
controversially, such quotas have become transferable. The book
offers readers a comprehensive and rigorous guide to the economic
considerations motivating the industry and highlights the
environmental challenges facing the sector as global consumption of
fish continues to rise.
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