Question

1.The notion of sustainability is used differently in economics than in the natural sciences. Explain the meaning of sustainability in these two frameworks, and discuss the attempts that have been made by economists to make the concept operational.

2. Would the extension of territorial limits for fishing beyond 200 miles from coastlines offer the prospect of significant improvements in the efficiency of commercial fishing

Answer 1

Economic sustainability involves adoption of business practices and strategies to use available resources in such a way which is highly efficient and responsible, and which provides long-term benefits consistently, thereby leading to the utilization of the available resources in the best possible manner.

Sustainability in natural sciences is use of natural resources in a way that present consumption and utilization of resources doesn't in any way affect negatively the use and availability of these natural resources in future.

William Nordhaus has made many such models to bring sustainability in economics as well as natural sciences. He even shared Nobel Prize in 2018 in economics for his work in this field.

2. In my view the extension of territorial limits for fishing beyond 200 miles from coastlines would certainly offer the prospect of significant improvements in the efficiency of commercial fishing. However, there must be strong and enforceable regulations to allow this to happen.

After the extension of jurisdiction for fisheries and other marine activities to 200 miles from earlier 12 miles for most of the nations in 1976, and further under the jurisdiction extension codified by the Law of the Sea Convention in 1982 there have been drastic increase in the opportunity available for countries sharing sea boundaries to increase and efficiently manage formerly open access marine resources.