Economics of Marine Natural Resources
Economics of Marine Natural Resource
The ocean can bring a lot of benefit to human beeing, but excessive development may produce negative reactions from the Ocean. Major challenges are local environmental pollution or global warming, etc. Is there an explotation line that we must not exceed: the limit of sustainable usage? We do not know where such a line is laid. Therefore, learning by doing (adaptive management) is the method to be taken. Continuous monitoring and discussion with stakeholders are fundamental steps in the decision making process. This course contains a full range of the most current economic information available on the uses of Ocean living and mineral resources. Updated discussions on the commerciality of fisheries and Aquaculture/Mariculture are raised. Main attention is given to Offshore mineral production, with emphazis on Oil & Gas. The course covers macroeconomic and regulatory dimensions, such as rules set by the United Nations Convention on the Law of the Sea, as well as economic dimensions related to exploiting offshore oil and gas. The concept, management and distribution of mineral rents is presented.