Is there any hope for fisheries management?

Fisheries is not the only discipline where models have been used in attempts to fine tune an aspect of the economy. Such fine-tuning can prove ineffective because of the uncertainties in the scientific underpinnings of the models and because of the omission of critical elements. In fisheries, the biological goal is to set allowable catches so that the harvest is not so large that it endangers the future health of the fish stock while it is not so low as to waste food, while the economic goal is to maximize the net economic rent generated by the fishery. It has long been recognized that the science underlying the setting of the total allowable catch is often too uncertain to justify such fine tuning, and that attempts to achieve that delicate balance has helped lead to crises in fisheries. One solution is to abandon such marginalism in favor of seriously reducing current catches.