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The economics of the marine environment: A Review

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  • Growth and the Environment
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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.

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Notes

  1. These include hairtail, orange roughy, oreos, alfonsinos, cusk eels and brotulas, Patagonian toothfish, Pacific armourhead, sablefish, Greenland halibut, morid cods and various species of Scorpaenidae. Away from seamounts, Gadiformes are the most commonly exploited deep-water species. A number of deep-water species, such as blue whiting—which accounts for around half of all deep-water catches—are caught for reduction into fishmeal.

  2. National jurisdiction includes both territorial waters and exclusive economic zones (EEZs). Most signatories of UNCLOS as well as the majority of non-signatories claim territorial sea of 12 nautical miles or less, together with a contiguous zone of 24 nautical miles. However, most coastal states also claim an exclusive economic zone of up to 200 nautical miles. A small number of states—mostly non-signatories of UNCLOS—claim territorial waters beyond 12 miles (UN 2004).

  3. The Agreement covers Straddling Fish Stocks and Highly Migratory Fish Stocks, and establishes principles for their conservation and management.

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  1. School of Life Sciences, Arizona State University, PO Box 874501, Tempe, AZ, 85287, USA

    Charles Perrings

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Perrings, C. The economics of the marine environment: A Review. Environ Econ Policy Stud 18, 277–301 (2016). https://doi.org/10.1007/s10018-016-0149-2

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