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The Economics of Production in Marine Fisheries

In: Handbook of Production Economics

Author

Listed:
  • Dale Squires

    (Southwest Fisheries Science Center)

  • John Walden

    (Northeast Fisheries Science Center)

Abstract

Production economics is important to the economic analysis and public regulation of fishing industries in order to address the market failure associated with a common renewable resource stock. Application of production economics arose out of bioeconomic analysis of the aggregate fishery production framework. Production economics gained in importance as it, along with econometrics and mathematical programming, developed as fields. Coupled with an industrial organization orientation and public regulation focus, production economics contributed to analyses of fishing industries, and addressed the underlying market failure. Compared to bioeconomics, this reorientation shifted the focus to shorter time periods and to the individual firm – usually the vessel – and to multiproduct, multi-input production. Production economics now contributes to further development of the bioeconomic model, and addresses additional sources of market failure in fishing industries arising from pure and impure public goods associated with new technology and biodiversity, as well as ecosystem services impacted by fisheries. The chapter reviews the historical developments of production economics applied to fisheries, and concludes with potential future directions forward.

Suggested Citation

  • Dale Squires & John Walden, 2022. "The Economics of Production in Marine Fisheries," Springer Books, in: Subhash C. Ray & Robert G. Chambers & Subal C. Kumbhakar (ed.), Handbook of Production Economics, chapter 34, pages 1339-1378, Springer.
    • Handle: RePEc:spr:sprchp:978-981-10-3455-8_34
    DOI: 10.1007/978-981-10-3455-8_34
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