Abstract

The economic consequence of the mismanagement of world fishery resources is estimated to be in the order of US$ 50 billion per year in terms of the difference between potential and actual net economic benefits from marine fisheries. Moving from the current situation of inefficient over-use toward efficient and sustainable fisheries outcomes will involve not only attention to biology and ecology but also the managing of political and economic processes and replacing incentives that damage ecosystems with those that foster improved governance and responsible use. Economic analysis can contribute to the successful implementation of ecosystem-based management and the ecosystem approach to fisheries in the Caribbean Region in many areas. In this chapter, economic models and methodologies are outlined, and suggestions for incorporating economics into the large marine ecosystem policy cycle are provided.

Introduction

It is increasingly evident that the single-species approach to fisheries management is often ineffective in promoting the efficient and sustainable use of living marine resources and limiting frictions between user groups. While there is considerable discussion regarding the definition of the term, there is consensus that the ecosystem approach to fisheries (EAF) presents a more holistic approach to resource allocation and management (Larkin 1996), with the maintenance of ecosystem status and sustainability as the primary goals. Toward that end, according to the Food and Agriculture Organization of the United Nations (FAO), the purpose of an ecosystem approach to fisheries ‘is to plan, develop and manage fisheries in a manner that addresses the multiple needs and desires of societies, without jeopardising the options for future generations to benefit from the full range of goods and services provided by marine ecosystems’ (FAO 2003).

Recognising that humans are key components of ecosystems, prerequisites for implementing EAF include a thorough understanding of human-biological interactions and determinants of human and biological welfare. Implementing the ecosystem approach requires the definition of a desired ecosystem state or species mix (Link 2002). Once this target state has been defined, moving toward it via policy change requires cooperation across a diverse array of nations and stakeholders competing for scarce resources.