Wealth-based fisheries management and resource rent capture: An application to the Maldives marine fisheries

Abstract

Abstract The economic value of marine fisheries can be measured by the resource rent that may potentially be earned, which represents a flow of real wealth for the community at large. For the island state of the Maldives we estimate that the resource rent that could be generated by the marine fisheries is in the order of $50 million per annum, constituting some 27% of the current value of landings. This rent is lost due to the de facto open-access nature of fishing. A wealth-based approach to fisheries management would seek to capture the rent, and the paper discusses the constraints and trade-offs that would be faced in applying this in the Maldivian context. We argue that such an approach is entirely consistent with the aim of the 7th National Development Plan which rightly emphasises the need to ensure the sustainability of marine resources for present and future generations.