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Published on: November 20, 2017
Why fisheries collapse and what to do about it
1Department of Biological Sciences, Stanford University, Stanford, CA 94305, USA.
Summary
Fisheries management should prioritize ecological stability over maximum sustainable yield for long-term economic and environmental health. This approach ensures resilient fish stocks and sustainable harvests, even in uncertain conditions.
Area of Science:
- Marine Biology
- Fisheries Science
- Resource Economics
Background:
- Global fisheries collapse causes significant economic hardship.
- Current economic models for fishery management create unstable equilibria.
- Ecological instability in fisheries is difficult to maintain.
Purpose of the Study:
- To propose a new approach for fishery management focused on ecological stability.
- To demonstrate how ecological stability can be achieved and maintained.
- To illustrate the benefits of this approach using the Newfoundland cod fishery.
Main Methods:
- Comparing economic theory for renewable resource management with ecological stability principles.
- Defining ecological stability as maintaining target fish stocks above maximum sustainable yield levels.
- Proposing management strategies including variable quotas and a dockside market mechanism with taxes.
Main Results:
- Managing for ecological stability, termed 'natural insurance,' is cost-effective in productive fisheries.
- This approach ensures long-term economic benefits in variable environments.
- The Newfoundland cod fishery is projected to recover within 9 years, supporting substantial harvests.
Conclusions:
- Ecological stability in fisheries management is achievable and beneficial.
- A market mechanism can align short-term revenue goals with long-term ecological stability.
- This revised management strategy offers a sustainable solution for fisheries like the Newfoundland cod.
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