THE BACKWARD-BENDING SUPPLY CURVE OF THE FISHING INDUSTRY1

Authors


  • 1

    I am indebted to A. D. Scott and R. A. Holmes for their helpful critique. Several of their suggestions are reflected in the final version of this paper. They bear no responsibility for the remaining faults.

Abstract

Proceeding from an article by Gordon, published in 1954, the substance of an economic theory of the fisheries has emerged from the writings of a number of economists.2 The theory has emphasized the common- property nature of the fishery resource, generally leading to an ‘over-exploitation’ that results in dissipation of the rent that the resource could yield.

Ancillary