Free Access and the Dynamics of the Fishery
Free entry to a depletable stock can be unstable-- output price can rise faster than costs as harvests fall, entry is encouraged and further harvest and stock declines follow. V. Smith argues that the fishery is stable under free access. We suggest that recent world wide moves to restrict entry are not a result of the fishery being unstable, but are motivated by the desire of exploiters and conservationists to have larger steady state stocks persisting over time.
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