Forget Ocean Front Property, We Want Ocean Real Estate
Bibliographic Data
| ID | 12596249 |
|---|---|
| Authors | Amy Motichek (a College of Business Administration, Loyola University , New Orleans, LA, USA), Walter Block (a College of Business Administration, Loyola University , New Orleans, LA, USA), Walter E Block (0000-0003-2215-4791, Loyola University New Orleans, corresponding author), Jay Johnson (a College of Business Administration, Loyola University , New Orleans, LA, USA) |
| Year | 2008 |
| Volume | 11 |
| Issue | 2 |
| Pages | 147-155 |
| Publication date | 2008-06-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Ethics Place & Environment (JOURNAL) |
| Journal identifiers | ISSN: 1366-879X • E-ISSN: 1469-6703 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/13668790802252322 |
| OpenAlex | W2013603086 |
| Language | EN |
| References cited | 4 |
Economic principles operate in much the same way whether on land or in the oceans. It is the very same tragedy of the commons that almost wiped out the buffalo that is now endangering precious fish stocks. The answer to these challenges, in both cases, is privatization. Establishment of private property will not only solve the problems of the over fishing of the ocean commons, but will also create incentives for investors to use new technologies that could radically increase the productivity of the ocean for fish and other resources. In order to make these gains however, we must make an irrevocable commitment to defining and defending these property rights as a permanent institution of the future of our oceans. Notes Notes 1 Historically, coastal nations defended a three-mile limit under the concept of freedom of the seas. The UN Law of the Sea Treaty adopted in 1982 established a 12-mile territorial limit and a 200-mile Exclusive Economic Zone for coastal nations (http://www.heritage.org/Research/InternationalOrganizations/wm470.cfm). Beyond the 200-mile limit are international waters. 2 Swamps have been banished through linguistic legerdemain, so we need not worry about them. 3 Free access or use of a good by the public results in misuse and greater scarcity of that good. 4 There are a finite amount of permits and whoever bids the most for the permits will be allowed to fish. 5 Other versions of market socialism besides ITQs include tradable emissions rights for pollution (McGee & Block, Citation1994), and school vouchers (Rothbard, Citation1995; Vance, Citation2004). 6 A po-boy is a type of sandwich, which is made of French bread and meat in Louisiana that is similar to New York subs. 7 This cost refers to the opportunity cost, which represents the value of something you forgo by doing something else. 8 Ocean-keepers are the equivalent of gatekeepers that will allow entry into the private property. 9 Tradable ooze rights are the ocean equivalent of air's tradable emissions rights. 10 Radio Frequency Identification
Business · Epistemology · Front (military · Property (philosophy · Real estate · Coastal and Marine Management · International Maritime Law Issues · Marine and Offshore Engineering Studies · Philosophy · Finance · Geology · Oceanography
| Citation velocity | historical |
|---|---|
| Highly cited | No |