Fishing for Fishing Solutions

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Fishing for Fishing Solutions

The near depletion of certain fish species threatens the sustainability of the fish ecosystem balance. Possible solutions include subsidizing aquaculture farms.

The over allocation towards commercial fishing presents a market failure, which is when there is either an over or under allocation of a resource towards a particular product. In this case it presents negative externalities of production, when the production of a good places external costs on a third party uninvolved in the market transaction, or society as a whole. The over exploitation of commercial fishing affects not only the local fishermen whose jobs depends on the sustainability of fish, but it throws the marine ecosystem into imbalance. Fishing is therefore a demerit good because the free market is over-providing it, and the government has to step in to regulate the market failure. Fishing is also a rivalrous and non excludable