December 9, 2015 — Overfishing is a serious threat to the nearly 200 million people who depend on the world’s oceans for sustenance. After all, nearly one in five people around the world consume fish as their primary source of protein and overfishing has deleterious cascade effects on other marine ecosystems.

Illegal and excessive fishing are to a degree inevitable because oceans, rivers and many lakes are publicly administered. This gives fishermen an incentive to take from them as much as is legally possible. Yet, market-based resource management is offering a concrete solution to this “tragedy of the commons” and has already begun alleviating strains on U.S. fish stocks.

The U.S. economy is intertwined with the fate of the high seas. By conservative estimates, commercial and recreational fishing alone account for 1.3 million jobs and nearly $60 billion in economic activity. Overfishing has pernicious effects on Americans’ livelihoods: commercial anglers can lose out on up to 80 percent of potential revenue when local fish species see drastic population decline, as was the case in New England when cod, flounder, and halibut populations were unexpectedly low in 2009.

With market-based resource management, data from September 2015 show that the total number of wild stocks placed on the “overfishing” watch list has fallen to its all-time lowest level since 1997. Since the 2007 reauthorization of the Magnuson-Stevens Act, annual catch limits (ACLs) have allowed the National Oceanic and Atmospheric Administration (NOAA) to reduce the number of overfished U.S. stocks by nearly 75 percent since 2007 alone (from 41 in 2007 to only 10 in 2014). ACLs create total tonnage allotments based on a series of population growth factors specific to certain fish species.

Read the full story at Economics 21