Save the Bluefin Tuna through Property Rights - Robert P. Murphy - Mises Daily

Save the Bluefin Tuna through Property Rights - Robert P. Murphy - Mises Daily: "In principle, the problem of overfishing could be easily solved if 'chunks' of ocean were transferred into private property. Rather than having a meeting of 48 governments to determine 'the' quota, the owner(s) of each chunk of ocean could set an individual policy for that chunk.

To be sure, there would be logistical difficulties in privatizing the oceans. For example, if it turned out to be too costly to sink large nets deep enough into the water at the property lines, then the fish could easily swim from one owner's property into another's. The situation would be analogous to one on land before ranchers developed barbed-wire fencing."

"Alternatively, it might make more sense to establish property rights in the sea creatures themselves, analogous to branding of cattle. To track their swimming property, the owners might use radio collars (for whales and large fish) or coat the schools of smaller fish with a harmless radioactive substance."

"in the case of white rhinos in southern Africa, when property rights were introduced — so that the animals were no longer contraband but prized possessions — the turnaround in population figures was astounding."