Chapter 26, Problem 5DQ

To determine

Whether there exists a problem with overfishing in aquaculture and the difference between aquaculture animals and wild animals that play a role in the conclusion.

Concept introduction:

Property rights:

Property rights are defined as the rights of a thing or a resource owned by an individual. When property rights are well defined, then it provides reasons to the owner to protect and care its resources.

Aquaculture:

Aquaculture is defined as the business of rearing water-dwelling animals like fish and mollusks in an enclosed area.

Explanation:

• There is no problem with overfishing with aquaculture because the property right is well defined in the case of aquaculture.

• The property rights are well defined in the case of aquaculture. This means that an aquaculture owner has reasons to raise aquatic organisms in a judicious way, so that he could harvest it in a profitable manner.

• They give enough time to aquatic organisms to reproduce and increase their numbers. They always ensure avoiding overexploitation, so that they do not get endangered or extinct. Hence, there is no chance of overfishing in aquaculture.

• Aquaculture animals and aquaculture wild animals are quite contrary to each other. This is because, in the case of aquaculture, animal property rights can be assigned easily, however, in case of aquaculture wild animals, it is very difficult to assign property rights.

• Controlling wild animals before harvesting is a big task and it requires lots of investment. When property rights are not defined, everyone seems to be in a hurry to harvest them resulting in over exploitation. But this is not so in the case of aquaculture animal, as property rights are defined.

• Hence, the major difference between aquaculture animals and wild animals is that of their property rights.