5. In our discussion about fisheries, we described two main schools (pardon the

Question

5. In our discussion about fisheries, we described two main schools (pardon the pun) of thought about solutions to overfishing. Consider a lake next to a small, remote town. The residents of the town are able to control others' access to the lake. In your opinion, would it be more appropriate for the national government to create an IFQ to ensure that the residents do not overfish their lake, or do you think that the lake is unlikely to be overfished even without an IFQ? Answer in one paragraph and justify your response using concepts we learned in class.

Explanation / Answer

Individual Fishing Quotas (IFQ) is a kind of catch share issued by the government . It is transferrable in nature . It is a fishing regulation mechanism . Here the lake is next to a small remote town where only the town population can access it . So there is no chance that many people will catch fish in it . But we know that the lake is a natural good or public good . Each and every member of the town has equal rights to fish in it . So there will be a free rider problem . Without any restrictions , profit maximizing nature f people will make them catch fish as much as possible or do over fishing . And since it is a public good maintainence of the lack is neglected . So IFQ should be introduced by the government to prevent over exploitation .

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