An Economist article (19 March 1994) states: ‘In the past decade, most of the rich world’s fisheries have been exploited to the point of near-exhaustion.’ The article continues with an analysis of the problem and a discussion of possible private and government solutions.

a. ‘Do not blame fishermen for overfishing. They are behaving rationally, as they have always done.’ In what sense is ‘overfishing’ rational for fishermen?

b. ‘A community, held together by ties of obligation and mutual self-interest, can manage a common resource on its own.’ Explain how such management can work in principle, and what obstacles it faces in the real world.

c. ‘Until 1976 most world fish stocks were open to all comers, making conservation almost impossible. Then an international agreement extended some aspects of

[national] jurisdiction from 12 to 200 miles offshore.’

Using the concept of property rights, discuss how this agreement reduces the scope of the problem.

d. The article notes that many governments come to the aid of suffering fishermen in ways that encourage increased fishing. How do such policies encourage a vicious cycle of overfishing?

e. ‘Only when fishermen believe they are assured a longterm and exclusive right to a fishery are they likely to manage it in the same far-sighted way as good farmers manage their land.’ Defend this statement.

f. What other policies to reduce overfishing might be considered?