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“On Rents of Fishing Grounds” Revisited

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  • Manuel Pacheco Coelho

Abstract

Since the 50s, the central idea in the Fisheries Economics is that, in conditions of free access and competition, the market will lead to market equilibrium solutions that imply the overexploitation of the resources. This fundamental result is due to Scott Gordon in his seminal article of 1954, “The Economic Theory of a Common Property Resource: The Fishery”, in the Journal of Political Economy. But, in fact, another (more antique) article put the problem and suggested this approach to its understanding: In a short paper, in 1911 (exactly 100 years ago), the Danish economist Jens Warming, put this issue and made a very similar analysis for the fisheries sector. The purpose of this research is to make a reflection on that paper and highlight the explanation proposed for the common property problem and, also, to study the legacy of this interesting fisheries economist to the History of Political Economy.

Suggested Citation

  • Manuel Pacheco Coelho, 2011. "“On Rents of Fishing Grounds” Revisited," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 1(2), pages 1-74.
    • Handle: RePEc:ers:ijfirm:v:1:y:2011:i:2:p:74
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    References listed on IDEAS

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    1. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Palgrave Macmillan Books, in: Chennat Gopalakrishnan (ed.), Classic Papers in Natural Resource Economics, chapter 9, pages 178-203, Palgrave Macmillan.
    2. HÃ¥kan Eggert, 2010. "Jens Warming on Open Access, the Pigovian Tax, and Property Rights," History of Political Economy, Duke University Press, vol. 42(3), pages 469-481, Fall.
    3. Gylfi Gislason, 1995. "Fisheries management in Iceland and J. Warming's contribution to the economics of the fisheries," Finnish Economic Papers, Finnish Economic Association, vol. 8(1), pages 56-58, Spring.
    4. Manuel Pacheco Coelho & José António Filipe & Manuel Alberto Ferreira, 2011. "Rights Based Management and the Reform of the Common Fisheries Policy: The Debate," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 1(1), pages 1-16.
    5. Anthony Scott, 1955. "The Fishery: The Objectives of Sole Ownership," Journal of Political Economy, University of Chicago Press, vol. 63(2), pages 116-116.
    6. Niels-Henrik Topp, 1981. "A Nineteenth-Century Multiplier and its Fate: Julius Wulff and the Multiplier Theory in Denmark, 1896–1932," History of Political Economy, Duke University Press, vol. 13(4), pages 824-845, Winter.
    7. Niels-Henrik Topp, 2008. "The Impact of Open Access to Fishing Grounds: The History of Jens Warming's Model," History of Political Economy, Duke University Press, vol. 40(4), pages 671-688, Winter.
    8. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62(2), pages 124-124.
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