The Economic Theory of a Common-Property Resource: The Fishery

@article{Gordon1954TheET,
  title={The Economic Theory of a Common-Property Resource: The Fishery},
  author={H. Scott Gordon},
  journal={Journal of Political Economy},
  year={1954},
  volume={62},
  pages={124 - 142}
}
  • H. Gordon
  • Published 1 April 1954
  • Business
  • Journal of Political Economy
HE chief aim of this paper is to examine the economic theory of natI ural resource utilization as it pertains to the fishing industry. It will appear, I hope, that most of the problems associated with the words "conservation" or "depletion" or "overexploitation" in the fishery are, in reality, manifestations of the fact that the natural resources of the sea yield no economic rent. Fishery resources are unusual in the fact of their common-property nature; but they are not unique, and similar… 
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