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Renewable Resource Economics
Author(s) -
McWhinnie Stephanie
Publication year - 2012
Publication title -
australian economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.308
H-Index - 29
eISSN - 1467-8462
pISSN - 0004-9018
DOI - 10.1111/j.1467-8462.2012.00678.x
Subject(s) - subsidy , renewable resource , natural resource economics , resource (disambiguation) , fish stock , stock (firearms) , economics , environmental economics , renewable energy , business , public economics , fish <actinopterygii> , fishery , ecology , geography , market economy , computer science , computer network , archaeology , biology
Renewable resources play an important role in our economy directly as outputs, such as fish and timber, and indirectly as inputs, such as water and soil. This article introduces three key issues in renewable resource economics and the techniques that economists use to address them. Using examples from fisheries, I outline the theory of sustainable resource use, the problems associated with common property and interjurisdictional sharing. I complete the article with a discussion of two current challenges facing fisheries: the estimated $25–29 billion paid globally in subsidies each year and international sharing that has an adverse effect on stock status.