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One of the greatest challenges presented by the current plight of worldwide fisheries is that of preventing overfishing. This prevention, if successful, will be the single greatest improvement over the current situation. How is this to be achieved? As However, as long as there is a demand for fish, there will be motivation to fish and a risk of overfishing. The best possible solution to the problem of overfishing will therefore be the one which has the most probability of limiting catches to the maximum sustainable yield level.
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Once it is known at what level each fishery in the world can be fished while not exceeding the maximum sustainable yield level, how do we make sure must ensure that fisheries are only fished up to that level and no more? Many quotas . Quotas have been implemented over the last few decades in an attempt to achieve this goal. These quotas vary in type and specific purpose, but they all aim to set a limit on how much fish can be removed from a given fishery in order to prevent overfishing. Quotas are discussed in detail in other sections of this report, and they are a useful tool that we intend to continue using in a limited capacity. Yet, a quota-only based system has , in all this time, failed to deliver the widespread halt to overfishing that must be achieved in order in overfishing necessary to save the fish. Therefore, a new, novel approach must be applied to the problem, which is where a global taxation scheme comes in, such as global taxation, is needed.
We favor a tax scheme formulated from the suggestions of Professor Wheaton, economics professor as MIT, with exceptionsrecommend a tax-based fishery management system endorsed by economist William Wheaton. The tax's primary basis would be scientific knowledge. Based on data collected on populations through the methods stated in this report, 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 An international group of biologists. These biologists would split up divide the global international ocean into a number, perhaps between twenty and or thirty distinct regions. Then, of distinct regions they would use fish population data to assess the ecological health of fisheries and determine the fisheries' relative risks of being overfished (W. 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 findings would be reported to a group of economists of their findings. The economists who would use this information to set a tax that is taxes. The tax would be heavier for fish caught in regions and from populations 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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