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Why did the Lofoten cod fishery in Norway – a fishery on one of the world’s richest spawning grounds -remain less productive than alternative industries until the mid-1960s, despite important modernization ofthe fleet and fishing gear, improvements in technology and institutional change? We analyze the effect oftechnological change on labor and total factor productivity as well as exit and entry patterns using detaileddata for 130 years. Our findings support the important role of natural resources in productivity andimprovements in welfare in natural resource-based industries. The total factor productivity has risen fasterthan labor productivity in the fishery, indicating that the considerable technological progress in thisindustry has to some extent been neutralized by the decline in the fish stock. Open access to the fishresource most probably led to this situation

Technological Change and the Tragedy of the Commons: The Lofoten Fishery Over Hundred and Thirty Years.