chapter sixteen
FUNDAMENTAL PRINCIPLES OF THE ECONOMICS OF RENEWABLE RESOURCES:
The Case of Fishery
learning objectives
After reading this chapter you will be familiar with the following:
• basic features of renewable resources;
• a general framework for understanding the basic factors affecting the natural growth rate of the population or the biomass of biological resources such as fish and wildlife;
• general characteristics of the natural growth function of a fishery population;
• the concept of natural or ecological equilibrium biomass or population size;
• derivation of the production function of fishery;
• understanding why renewable resources, such as fishery, may be potentially destructible;
• the economics of fishery management;
• regulation of fishery:
• the rationale for regulating the fishery;
• tax on fishing effort;
• tax on fish catch;
• some important limitations of the steady-state bioeconomic model of fishery.
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