Journal ArticleDOI
The economics of overexploitation.
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TLDR
The general economic analysis of a biological resource presented in this article suggests that overexploitation in the physical sense of reduced productivity may result from not one, but two social conditions: common-property competitive exploitation on the one hand, and private-property maximization of profits on the other.Abstract:
The general economic analysis of a biological resource presented in this article suggests that overexploitation in the physical sense of reduced productivity may result from not one, but two social conditions: common-property competitive exploitation on the one hand, and private-property maximization of profits on the other. For populations that are economically valuable but possess low reproductive capacities, either condition may lead even to the extinction of the population. In view of the likelihood of private firms adopting high rates of discount, the conservation of renewable resources would appear to require continual public surveillance and control of the physical yield and the condition of the stocks.read more
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Adaptive Management of Renewable Resources
TL;DR: In this article, the authors argue that scientific understanding will come from the experience of management as an ongoing, adaptive, and experimental process, rather than through basic research or the development of ecological theory.
Journal ArticleDOI
The tragedy of the commons: twenty-two years later.
TL;DR: Evidence accumulated over the last twenty-two years indicates that private, state, andcommunal property are all potentially viable resource management options.
Journal ArticleDOI
Economic and ecological concepts for valuing ecosystem services
TL;DR: The concept of ecosystem service value can be a useful guide when distinguishing and measuring where trade-offs between society and the rest of nature are possible and where they can be made to enhance human welfare in a sustainable manner.
Book
An Introduction to Ecological Economics
Robert Costanza,John Cumberland,Herman E. Daly,Robert Goodland,Richard B. Norgaard,Ida Kubiszewski,Carol Franco +6 more
TL;DR: The need to develop a shared vision of a sustainable society Successes, Failures, and Remedies Policy Instruments: Some Background Examples of Policies, Instruments, and Institutions Governance Conclusions and Prospects for the Future References Index as discussed by the authors.
Journal ArticleDOI
Harvesting natural populations in a randomly fluctuating environment.
John Beddington,Robert M. May +1 more
TL;DR: These observations accord with observed trends in several fish and whaling industries and are likely to apply if the aim is to maximize the present value of (discounted) net economic revenue.
References
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Journal ArticleDOI
The Tragedy of the Commons
TL;DR: The population problem has no technical solution; it requires a fundamental extension in morality.
Journal ArticleDOI
The Economic Theory of a Common-Property Resource: The Fishery
TL;DR: In this article, the authors examined the economic theory of natural resource utilization as it pertains to the fishing industry and showed that most of the problems associated with the words "conservation" or "depletion" or ''overexploitation" in the fishery are, in reality, manifestations of the fact that the natural resources of the sea yield no economic rent.
Book
World dynamics
TL;DR: World Dynamics shows the opportunity for bringing the world of man into equilibrium with the forces of his environment while there still remains time and maneuvering room for growth and expansion to give way to equilibrium.
Journal ArticleDOI
Profit Maximization and the Extinction of Animal Species
TL;DR: In this article, a simple mathematical model for the commercial exploitation of a natural animal population is presented, which takes into account the response of the population to harvesting pressure, the increasing harvesting costs associated with decreasing population levels, and the preference of the harvesters for present over future revenues.
Journal ArticleDOI
On Models of Commercial Fishing
TL;DR: In this article, a fishery resource and the activity of production from it form a stock-flow relationship and the new growth in the population fish mass depends upon the harvest rate relative to natural recruitment to the stock.