The Chesapeake Bay is one of the largest and most useful renewable resources not only in the United

800 WordsApr 23, 20194 Pages
The Chesapeake Bay is one of the largest and most useful renewable resources not only in the United States, but in the world. The Chesapeake can be replenished naturally and has been used for hundreds of years. There are many use and non-use values of the Chesapeake. Use value implies that attributes of nature are being utilized in some sense. In the case of the Chesapeake this can refer to the crabbing, fishing, ecotourism and scenic values of the bay. Ecotourism is when people visit a natural or environmental resource to engage in outdoor recreation of some sort. Non-use values are values expressed by humans simply for the existence of natural resources. Two more specific non-use values to the Chesapeake would be option value and…show more content…
This causes the resource rent, which is the net value of a resource prior to extraction, to diminish all the way to zero. This rent dissipation occurs because of excess entry and effort levels of the Chesapeake. The Maryland Blue Crab, which is the most iconic creature of the Chesapeake, has decreased in population from 276 million in 1990 to 131 million in 2008. This dramatic decrease has caused a cumulative loss to both Maryland and Virginia of 640 million dollars. In an attempt to restore the blue crab population, Maryland and Virginia instituted a public policy to place restrictions on the crabbing of the Chesapeake. This is an example of a command and control policy because public authorities established direct controls on individual actions. This created harsh economic hardships for many crabbers, causing the Secretary of Commerce to decide that the blue crab fishery had undergone a commercial failure as it is defined under the Magnuson-Stevens Fishery Conservation and Management Act. The Magnuson-Stevens Fishery Conservation and Management Act is the primary authority for fishery management in the United States and it created regional fishery management councils that attempt to establish limits on total catches and regulations. This failure

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