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1 February 2017 Capital Theory and the Economics of Fisheries: Implications for Policy
Colin W. Clark, Gordon R. Munro
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Abstract

This article reviews the authors' earlier attempts to incorporate the theories of capital and investment into fisheries economics and argues that such dynamic analysis is now of immediate policy relevance. It also discusses some limitations to the earlier analysis and means of addressing them. It then goes on to point to two areas of potential future research, with the first of these being an expansion of work initiated by the Organisation for Economic Co-operation and Development (OECD) and others on the economics of the required massive investment in hitherto overexploited capture fishery resources, giving particular emphasis to the consequences of non-malleable human capital. The second concerns intra-EEZ management of fishery resources and the growing need for greater application of game theory to the management of such resources.

JEL Codes: Q22, Q28.

© 2017 MRE Foundation, Inc. All rights reserved.
Colin W. Clark and Gordon R. Munro "Capital Theory and the Economics of Fisheries: Implications for Policy," Marine Resource Economics 32(2), 123-142, (1 February 2017). https://doi.org/10.1086/690679
Received: 8 September 2016; Accepted: 1 December 2016; Published: 1 February 2017
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KEYWORDS
Capital theory
ecosystem
non-malleable human capital
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