Abstract

More than two-thirds of all wild capture marine fish stocks are currently being exploited at or beyond the maximum sustainable yield. Many coastal systems, including the mangrove forests and coral reefs that serve as fish nurseries, have been severely depleted through coastal habitat conversion and land-based emissions. Nutrient runoff is responsible for an increasing number of dead zones—areas of the ocean so depleted of oxygen that they cannot sustain life. Reasons for this include the facts (a) that many ocean resources are effectively open access (b) that markets fail to signal the true scarcity of many marine resources, and (c) that governments fail either to protect against or to correct for the inability of markets to allocate resources. This paper considers the problems of overexploitation and pollution of marine systems, and reviews the impact of institutions on each problem. It then discusses the options for reform.

Original languageEnglish (US)
Pages (from-to)1-25
Number of pages25
JournalEnvironmental Economics and Policy Studies
DOIs
StateAccepted/In press - Mar 11 2016

Keywords

  • Marine pollution
  • Open access
  • Wild capture fisheries

ASJC Scopus subject areas

  • Management, Monitoring, Policy and Law
  • Economics and Econometrics

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