Question

Alaska king crab fishing in the 1960s and 70s was a dangerous but rich fishery. Boats from as far away as California and Japan braved the treacherous Gulf of Alaska crossing to reach the abundant king crab beds in Cook Inlet and Bristol Bay. Suddenly, in the early 1980s the fishery crashed due to over fishing. All crabbing in those areas ended. To this day, there is no crabbing in Bristol Bay or Cook Inlet.

a. How would an economist explain the decline of the Alaska king crab fishery?

b. Explain two programs you could institute to protect the fishery and still allow some crabbing again.

c. Canadians have been very successful in farming salmon in coastal fiords along the coast of British Columbia. Why have they been successful with salmon when the crab fishery crashed?

Answer 1

A. The Alaska king crab fishery was a dangerous but a place of wealth too. There was a huge demand for crab fishery. Supply is less as it's dangerous. So the profit earned by the sellers were very high. That attracted many people from far away place to do crab fishery there. But overfishing crashed the fishery. Because resources I.e fishes are very much limited. But the demand is more. When overfishing was happening, crabbing got the end. Over scarcity leads to extinction there.

B. 1. The regional festival can be conducted and ask people of the locality to increase fish farming. Rewards can be given to those who farmed more. The government can give subsidy for these people to decrease their cost.

2. The government itself can do fish farming or reduce corporate tax on fish farmers. With the help of a scientist, the government can increase fishery in that locality. Regulation on the amount and duration of fishing should be meticulously implemented and checked. If overexploitation of crabbing is happening, the government can put fine or sentence them imprisonment.

C. Maybe over exploitation happened only for crab fishery. Because boats from California and Japan came there to do crab fishing. So less competition for salmon farming. Because of that, it would have become successful in salmon farming. Another thing may be the government or people would have encouraged not to farm small salmons. So still there is salmon there.