While many fishermen (commercials especially in this case) take issue with the creation of this monument — and surely litigation will follow — we are cautiously supportive of this new monument. In our view there are generally too many people who want to look at the extreme short term — next week or next season — when the proper management decisions may be to focus on the long term. Regardless, those of us in the Northwest will surely watch and see what this experiment yields…
Here’s the money quote:
Recent research has shown that the most profitable level of fish stocks is well above sustainable levels. So, we might manage, through regulation, to ensure sustainability. But if we allocate private property rights then the incentives faced by the owners will lead them to encouraging rather higher than sustainable (that is, barely sustainable) levels. Which would be a good thing.
Full Text: Forbes | Marine Monument Economics