Marine Biodiversity Failure Public Good

A Review of “The Devil and Deep Blue Sea” by Linda Pannozzo Introduction In her book The Devil and the Deep Blue Sea: An Investigation into the Scapegoating of Canada’s Grey Seal, Linda Pannozzo accomplishes few important things: she makes a compelling argument for the senseless killing of grey seal; she provides an analytic framework for the reasons of the decline of cod fish; and she provides a wealth of information on the politic behind scapegoating of Canada’s grey seal. Pannozzo presents The Devil and Deep Blue Sea in a clear and unbiased matter, but its presentation is by no mean elementary. Pannozzo’s book is meticulously researched, thus providing us with both quantitative and statistical account surrounding seal ways of life, their diet, history and other necessary aspects of marine life ecosystem. Book Summary

Economic activity and our environment have been closely linked since man first discovered the concept of trade. In the language of economics, the environment has itself, become an increasingly “scarce resource1”. Since economics is about managing these scarce resources, it will be a useful tool when considering some of the environmental issues facing our planet. One of the major concerns confronting the environment today is the overfishing of the world’s oceans, depleting some species to near extinction. With continued advances in technological and industrial proficiency, fishing vessels are able to fish across the globe, further exacerbating the effects of overfishing. Because the oceans are considered a shared or common

In the text “Sustaining our commonwealth of Nature and Knowledge” by Herman Daly, he clarifies the fact that goods are classified by the access of law to the goods, which it is classified as excludable and non-excludable, and by the physically use of the owner of the good, rival and non-rival. Every market good, an automobile, is rival and excludable and every public good, for example, the sun, is non-rival and non-excludable. But the problematic comes when the good is non-rival and excludable, an example he gives us is knowledge because it is usually patented and made by intellectual property. Also, the problematic comes when the good is rival and non-excludable because the management of these goods, such as fish, brings the tragedy of open-source

International law has relatively little relevance for environmental law, the standard of justice revolves around the advancement of peace and respect for basic human rights. The absence of mechanisms under international law does not seem to be unjust, as it does not impinge on international peace and security or the enjoyment of human rights, at least not directly. A wide variety of positions on global justice and fairness support normative obligations for outsiders to compensate rainforest states for protecting their forests, obligations that may well have to be translated into binding law. International law should take into account, much more than is now the case, positive obligations of international solidarity, including the protection of the global commons.

Dame, U. o. (2006, November 28). Public Goods and Common Resources. Retrieved from University of Notre Dame: https://www3.nd.edu/~adutt/courses/documents/19PublicGoodsandCommonResources_Lecture.pdf

The Biodiversity Treaty sanctioned that countries whose biological resources are exploited by bioprospecting companies have a right to share the financial benefits resulting from the sale of these resources (Adair, 1997). National parklands are owned by the federal government. Therefore, our national parks have the legal right to share in the financial benefits that

The author details much debate between the Department of Marine Resources and the fishermen to provide evidence that Garret Hardin was incorrect in several assumptions made in The Tragedy of the Commons. In this case study he attempts to disprove that users of open access resources have no vested interest in resource conservation and are unable to create regulatory controls themselves. Additionally, Acheson elucidates that resources can be sustainably and efficiently managed by communal or joint ownership in addition to private ownership as suggested by

In the piece “Selling out on nature” (McCauley, 2006), Douglas J. McCauley describes how conservation efforts are fueled by the economic advantages it possesses and are carried out solely for the purpose of benefiting our economic markets. McCauley states that ecosystem services are “economic benefits provided by natural ecosystems” (27), arguing that the only incentive for mankind to save nature depends on how profitable nature can be. He emphasizes that our attention should not be put forth in commodifying nature but rather, inculcating respect and love for it so that we can preserve it for many years to come. I oppose McCauley’s argument because it’s impractical and unachievable. Humanity will

Myers’ and Worm’s article “Rapid Worldwide Depletion of Predatory Fish Communities” (“Rapid Depletion”) focuses on the same pressing matter of overfishing, but their article gravitates more towards statistics and figures. For example, Myers’ article states that a suggested 90% of large predatory fish are no longer present in our oceans. Myers uses blunt facts to reveal the severity of overfishing to readers. Studies have concluded that for a given area of ocean opened up to commercial fishing, an 80% decrease in target species may be found in as little as 15 years. With numbers like this, it is no surprise that our oceans are in such a crippled state. Harmful methods of catching species

The result is an unfair distribution of impacts that does not maximize social surplus. Weimer and Vining call externalities a “missing market” (p. 92). It is feasible to imagine externalities being accounted for by a private market, in cases where, for example, an externality is manifested into a change in land value. However, these cases are exceptional. Governmental must typically step in to value externalities, such as charging fines for polluting industry, in order to account for social costs and benefits.

Government intervention corrects market failure resulting in environmental sustainability and improved accessibility to services. Goods or services with negative externalities are market failures because the operation of the price mechanism

Negative externalities are detrimental third-party effects caused by the production and/or consumption of a good. A public good is a good provided free of charge to the consumer, by the government. A public good is non-excludable and non-rivalrous. A merit good is a good that gives positive externalities upon production and/or consumption. A merit good is non-excludable, yet rivalrous.

Nature is often viewed as a “free good” because forests, clouds, and the sun provide oxygen, rain, and warmth while humans often dispose of wastes in rivers. Unfortunately, negative externalities, or consequences affecting a party that was not directly involved, of nature as a “free good” include health effects of pollution and disrupted ecosystems. Environmental economists want to address externalities through government regulations, such as selling permits that allow a certain amount of emissions to better control pollution. Rebecca L. Goldman from “Ecosystem Services: How People Benefit from Nature” contends that nature is affected by human behavior and their economic value should be assessed to improve public decision making. Applying

Will provide maximum effectiveness benefit to the Nation, particularly in relation to food production and recreational opportunities, and giving consideration to the protection of marine ecosystems

externalities keep the market from reaching allocative efficiency because the gains or losses generated are external to the pricing system; they are unpriceable. The transaction costs of externalities misallocation of resources or a failure of the market economy to generate a Pareto optimum. positive externalities 3 types of interventions the government may engage in: