Challenges for economic policy in sustainable management of marine naturalresources

The sustainable management of marine natural resources presents particular challenges to the managers of those resources. While such management has ty pically been based on biological considerations, it is argued that this has resulted in overexploitation and destruction of important marine assets in industries such as fishing and tourism. Consequently, it is concluded that other approaches are needed, with the use of economic concepts and managem ent tools particularly relevant. At the same time, the human welfare outcom es of the application of various policy instruments must be carefully consi dered. While biological information is critical to the formulation and impl ementation of successful management regimes, it is concluded that the appli cation of economic instruments will become more attractive to resource mana gers, with these instruments underpinned by consideration of property right s and an appropriate allocation of economic rents. A greater focus on these economic matters will take resource managers further in the direction of s ustainable management of increasingly scarce marine resources. The conclusi ons in the paper are supported by various case studies from fisheries and t ourism. (C) 2001 Elsevier Science B.V. pll rights reserved.