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The Marine Environment: Fencing the Last Frontier

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  • Martin D. Smith
  • James E. Wilen

Abstract

Fisheries resources contribute a valuable source of protein to the world's food supply. While there is much promise for continued production gains from aquaculture and terrestrial sources, the marine fisheries sector faces a number of critical current policy junctures. Since extension of jurisdiction to 200 miles in 1976, there have been dramatic changes in the opportunity for coastal nations to rationally manage formerly open access marine resources. While more spatially encompassing management has brought physical yield close to full biological potential, much of the potential economic yield from fisheries is still squandered. An important issue is whether the future potential of marine resources will be guided by an expansion of private property rights or by an expansion of bureaucratic regulatory structures. New monitoring, information, and enforcement technology is making it increasingly possible to zone the ocean and implement measures that mimic terrestrial property systems. At the same time, there is opposition to privatizing marine resources by groups who view them as public resources. The outcome of the tussle between the forces supporting and opposing property rights creation will largely determine the extent and kinds of values that will be generated from marine resources around the world in the next decade. Copyright 2002, Oxford University Press.

Suggested Citation

  • Martin D. Smith & James E. Wilen, 2002. "The Marine Environment: Fencing the Last Frontier," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 24(1), pages 31-42.
    • Handle: RePEc:oup:revage:v:24:y:2002:i:1:p:31-42
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    File URL: http://hdl.handle.net/10.1111/1467-9353.00082
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    References listed on IDEAS

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    1. Sanchirico, James N. & Wilen, James E., 1999. "Bioeconomics of Spatial Exploitation in a Patchy Environment," Journal of Environmental Economics and Management, Elsevier, vol. 37(2), pages 129-150, March.
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    1. Coglan, Louisa & Pascoe, Sean, 2015. "Corporate-cooperative management of fisheries: A potential alternative governance structure for low value small fisheries?," Marine Policy, Elsevier, vol. 57(C), pages 27-35.
    2. Pascoe, Sean & Hutton, Trevor & Hoshino, Eriko & Sporci, Miriana & Yamasaki, Satoshi & Kompas, Tom, 2020. "Effectiveness of harvest strategies in achieving multiple management objectives in a multispecies fishery," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 64(3), July.
    3. Asche, Frank & Smith, Martin D., 2018. "Viewpoint: Induced Innovation in Fisheries and Aquaculture," Food Policy, Elsevier, vol. 76(C), pages 1-7.
    4. Greenville, Jared W. & MacAulay, T. Gordon, 2004. "A bioeconomic model of a marine park," 2004 Conference (48th), February 11-13, 2004, Melbourne, Australia 58451, Australian Agricultural and Resource Economics Society.
    5. Hoagland, P. & Dalton, T.M. & Jin, D. & Dwyer, J.B., 2015. "An approach for analyzing the spatial welfare and distributional effects of ocean wind power siting: The Rhode Island/Massachusetts area of mutual interest," Marine Policy, Elsevier, vol. 58(C), pages 51-59.

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