Economics of Aquaculture Better Management Practices
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Date
2008
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Journal ISSN
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Publisher
Blackwell Publishing
Abstract
Economics is often defi ned as the allocation of scarce resources to meet the unlimited
wants and needs of human beings. This defi nition illustrates the breadth of the economics
discipline and the basis for the tools of economic analysis that are used to address issues
that extend well beyond business activities. In the context of environmental regulation,
better management practices (BMPs), and aquaculture, economics provides theoretical and
analytical models that can identify optimal or best choices given particular sets of environmental
and business objectives.
To an economist, pollution is an externality. An externality exists when the welfare of
a fi rm or individual depends directly on activities under the control of some other fi rm or
individual. Regulations may be promulgated when pollution causes damage to enough
people so that attention is drawn to the problem. This is particularly true if the society is
wealthy enough or if there is potential to direct resources toward alleviating damages or
preventing future damages.
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Keywords
Economics of Aquaculture, Management Practices, economic analysis