The vast majority of plants and animals in the world are renewable resources, arguably the common heritage of humanity. Whether these resources remain in perpetual abundance or are driven to extinction is a matter of effective management. The vertical axis indicates the growth rate of fish stocks in tons per year. Absent outside disruptions, natural systems should move to a state of equilibrium in which population is constant.
Fish stocks can support a wide range of sustainable harvests.
Show that fish stocks below that corresponding to the maximum sustainable yield do not yield stable equilibria. These assumptions yield Figures 13.2 and 13.3. Explain how overcapitalization exacerbates the inefficiency. Awarding catch quotas to existing fishers.