Net economic effects of achieving maximum economic yield in fisheries

Improving the economic performance of fisheries is becoming increasingly important in fisheries management, and in some cases, maximum economic yield (MEY) is set as a key management target. However, recent critics of MEY as a management target have argued that a decline in the level of fishing activity necessary to achieve the target will result in a subsequent loss of economic activity elsewhere in the economy and, potentially, a net loss to society. In this paper, an input-output framework is used to estimate the net economic effects of achieving MEY in several Australian fisheries for which there is information on their short- and long-term performances when moving towards MEY. While overall losses were found in the short term, achieving MEY was found to result in a net economic benefit to society in the longer term. Local coastal communities in particular were found to benefit, although some losses were incurred elsewhere in the economy.