Agricultural Sustainability Economic Environmental And Statistical Considera

Cover Agricultural Sustainability Economic Environmental And Statistical Considera
Agricultural Sustainability Economic Environmental And Statistical Considera
Vic Barnett
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(b) The fact that fish are common, as opposed to private, property creates special problems in meas- uring NED benefits. Unless entry is restricted, ex- cessive quantities of capital and labor may enter a fishery; that is, entry may continue until the "eco- nomic rent" from the living stock is dissipated. This excess entry will result in economic inefficiency in the utilization of fishery resources because the value of the resulting extra output will be less than the social opportunity cost of
...the entry. Some eco- nomic benefits may be realized but the total bene- fits will not be as large as they might be if entry were restricted. Although evaluation of this poten- tial has been limited by the specification of the with- and without-plan condition in 2. 9. 3, three spe- cific points are worthy of separate mention.
(1) Transitory benefits. Because the benefits from harvesting open-access fisheries tend to be dissi- pated through entry of excess capital and labor, some NED benefits from commercial fishing can be transitory.


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