This Article will consider one aspect of the valuation problem. The focus is on the implications of rapid changes in the value of ocean and ocean related resources on social control (management) of ocean activity. Most often, economists, in order to analyze a problem use the concept of equilibrium under static or comparative static conditions. However, it is the dynamics of the rapidly changing (increasing) value of ocean resources that is one of the driving forces behind the rising interest in ocean management programs. Accordingly, these changes will be considered in a dynamic framework with due consideration to the related methodological difficulties.
Giulio Pontecorvo & Roger Mesznik,
The Wealth of the Oceans and the Law of the Sea: Some Preliminary Observations,
San Diego L. Rev.
Available at: https://digital.sandiego.edu/sdlr/vol11/iss3/9