Abstract

Economic principles operate in much the same way whether on land or in the oceans. It is the very same tragedy of the commons that almost wiped out the buffalo that is now endangering precious fish stocks. The answer to these challenges, in both cases, is privatization. Establishment of private property will not only solve the problems of the over fishing of the ocean commons, but will also create incentives for investors to use new technologies that could radically increase the productivity of the ocean for fish and other resources. In order to make these gains however, we must make an irrevocable commitment to defining and defending these property rights as a permanent institution of the future of our oceans.