Incorporating Social Objectives in Evaluating Sustainable Fisheries Harvest Strategy

Abstract

Fisheries management must take account of environmental sustainability, economic profitability, and social benefits generated by the public resources. The traditional approach of maximum economic yield (MEY), however, is yet to consider social objectives in deriving quantitative quotes. Current MEY evaluation framework would be appropriate if the economic rent was distributed back to the public. If public resources are privatized as corporations, the rent largely flows to the owners of large capital in the fishing industry. This is in stark contrast to the aims of benefiting the community as a whole. In this short paper, we promote a socially responsible framework in decision-making of fisheries management. This approach is beyond the fleet-based MEY approach, for it incorporates fleet profitability, chain profitability, employment, environmental concerns, and broad social benefits, in strict accordance with stock sustainability. Recognizing the needs of fishers, as well as the interests of chain sectors and the broader community, is a vital part of ensuring responsible fishery management and a viable future for Australian fisheries. The established framework will provide open view scenarios and enrich the MEY approaches in fisheries management.