A Summary
By Donald R. Leal, Michael De Alessi, and Peter M. Emerson
For decades, U.S. federal fisheries policy has relied solely on direct regulations to prevent overfishing. Such an approach has not eliminated overfishing, nor has it prevented the enormous waste and hazard of fishing under a destructive race for fish.
The good news is that there is a better way to manage our ocean fisheries. Individual fishing quotas (IFQs), also called individual transferable quotas (ITQs), have proven effective in restoring health and sanity ini a host of fisheries areound the globe.
In spite of these successes, IFQ implementation faces obstacles. The key issues are: 1. whether an effective ystem can include both IFQs and individual processor quotas (IPQs); 2. what restrictions if any, to place on transferring IFQs; and 3. whethr or not to place a sunset provision on IFQs. This essay provides an overview of the IFQs and addresses these hurdles. It is one of a series of booklets that will be jointly prepared by associates of PERC, the Reason Policy Institute, and Environmental Defense as they build a coalition for IFQs.
Founded 30 years ago in Bozeman, Montana, PERC—the Property and Environment Research Center—is the nation’s oldest and largest institute dedicated to improving environmental quality through property rights and markets.
PERC’s publications, each designed to resonate with specific groups, move ideas generated at PERC to broader audiences.
Research is at the heart of PERC's work, with a focus on the question: What is the link between economic growth and environmental quality?
The goal of PERC’s programs is to fully realize the vision of establishing “PERC University,” where scholars, students, policy makers, and others convene to expand the applications of free market environmentalism.
PERC's fellowships share a common goal of exposing new scholars, students, journalists, and policy makers to free market environmentalism, as well as enable scholars already familiar with FME to explore new applications.
PERC continues to publish and present a broad range of research and discussion through podcasts, videos, and other multimedia channels.