Part 1 Principles

Abstract

This paper defines sustainable aquaculture and its relationship to fisheries. An essential feature of a sustainable aquaculture system is economic sustainability. Without it the other “sustainabilities” are of little consequence. Based on economic principles, the paper identifies essential conditions that result in incentives (disincentives) for sustainable aquaculture development. The creation, development, and protection of well-defined property rights are the essential first steps in developing a sustainable aquaculture sector. Well-defined rights and a functioning market economy allow entrepreneurs, economic incentives, and market forces to shape the sustainable aquaculture sector. In addition to property rights development, some recommendations are made that will help make the rights-based system work better to sustainably grow a competitive aquaculture industry.