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As per the suggestions of Professor Wheaton, economics professor as MIT, the premise of the tax we propose is straightforward. Based on data collected on populations through the methods stated above, the ecological health of fish populations around the world and the relative risk of these populations being overfished and becoming depleted could be assessed by an international group of biologists. These biologists would split up the global international ocean into a number, perhaps between twenty and thirty, of distinct regions (Wheaton, personal communication, November 21, 2007). The biologists would analyze the data from each region and determine the overall danger to fish populations in each of the regions. These biologist would then apprise a group of economists of their findings. The economists would use this information to set a tax that is heavier for fish caught in regions containing more depleted stocks and lighter for fish caught in areas where the populations are less at risk of being overfished, i.e. the level of fishing that can happen and still remain below or equal to the maximum sustainable yield is higher.
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The results of the tax as we propose would significantly contribute to solving the overfishing problem. The tax is not only a revenue-generating device, but we can also consider the tax to be covering the ecological and societal cost of taking each fish out of the ocean.
References
Wheaton, W. (2007). To Vrajesh Modi, Todd Mooring, Claire Nauman, Meeting to discuss international fish tax. Cambridge, Massachusetts.
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