Environmental Economics Discussion Questions

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Question 2 (30 points)Off of the southwest coast of Freedonia is a breeding area for the elusive ecofin fish. This breeding area lies in international waters, however, and thus, the ecofin is an open access resource. Recent information gathered by the Freedonian Information Bureau indicates that the number of ecofins is declining. In response, the government has approached three academics for a policy solution. Quoting these academics; Dr. T. G. Gumbey: “The problem here is that fishing companies operating in this area are inefficient and wasteful. The government should provide these companies with subsidies so that they can improve their technology and become more efficient.” Dr. W. H. Gumbey; “The solution to this problem is to impose taxes and make fishing operations more costly.” Dr. Michael Irrelevant; “I agree with everything that Dr. Gumbey says.”With the use of a diagram(s), explain the impacts of the academics’ statements. Who is correct?

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Environmental Economics

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