Solution to Over-fishing

All students of economics are familiar with the tragedy of the commons. The common Fisheries Policy seems to be a textbook example of the problems of such lack of ownership. Now it seems that a solution has been found to over-fishing, namely culling some of the excess fishermen.

Last Sunday, five boats were trawling about one hour’s steaming off Whitby (off the North East coast of England – for our American and other offshore friends) when the coastguard issued a severe weather warning. Sensibly, the skippers decided to head for shelter in the nearest port but, under current CFP "cod recovery" rules if they have caught more than a ton of cod, they must notify the authorities before entering port – giving them at least four hours notice. Duly, at about 6.15 pm, they contacted the call-in centre in Edinburgh to report that they were making for Whitby, whence they were told that, under the CFP rules, they could not enter until at least 10.15 pm. The skippers pointed out that, by that time, the tide would be too low and the boats would not be able to enter, and they would be forced to stay out in the gale until the early hours of the morning. Despite this, and the very real risk to life, the skippers were still refused permission to enter the port.

Couldn’t a more humane market based method be found? Answers on a postcard.