The water resources and the fishes within the resource are common property resources. Anyone can catch the fish from the water resource as it is non-excludable. However, the fishes are rival, as each individual catching the fish is depleting the number of fishes available for others to catch. Since, catching fish is also not charged in anyway, individuals will start catching more fish, that is, overfishing, leading to its depletion. This is called the 'Tragedy of the Commons'. Theoretically, to mitigate this issue, it is advised to assign property rights and negotiate with the individuals engaged in catching fish. Practically, fishing can be restricted or even prohibited in areas where excessive fishing is observed or quotas can be implemented so that individuals limit their catch.

Hope this is helpful.

You can checkout my website 'World of Economics' [https://totheworldofeconomics.wordpress.com/] wherein I have explained the same using groundwater as the example [https://totheworldofeconomics.wordpress.com/2023/03/07/common-property-resources-and-the-tragedy-of-the-commons/].

So now the question is whether the concept of the "tragedy of the commons" could help develop international regulations that could reduce the scale of overfishing of fish and other marine and ocean organisms, significantly reduce the scale of devastation of marine and oceanic natural ecosystems.

Regards,

Dariusz Prokopowicz

The concept of the "tragedy of the commons" applies to overfishing in the following ways:

Economic Policies to Mitigate Overfishing:

These economic policies aim to align the incentives of fishermen and fishing industries with the long-term health of fish stocks and marine ecosystems. By promoting sustainable fishing practices and ensuring the conservation of fish stocks, these measures mitigate the tragedy of the commons in fisheries management and support the economic and environmental sustainability of marine resources.

The concept of the "tragedy of the commons" is highly applicable to overfishing, especially in open-access fisheries where there is no effective regulation or management of fishing activities. Here’s how it applies and the economic policies that can mitigate this issue:

Tragedy of the Commons in Overfishing:

Economic Policies to Mitigate Overfishing:

By implementing these economic policies and regulatory measures, governments can effectively mitigate the tragedy of the commons in overfishing scenarios. These policies promote sustainable fishing practices, protect marine ecosystems, and ensure the long-term viability of fish stocks for future generations.

The “tragedy of the commons” describes a scenario where individual users, acting independently and selfishly, deplete a shared resource, leading to its eventual exhaustion. In overfishing, this concept applies as fishers harvest more fish than the ecosystem can sustainably support, resulting in depleted fish stocks (Coastal Wiki).

Economic policies to mitigate overfishing include:

• Reforming government subsidies to remove incentives for overfishing (OECD, 2019).
• Establishing quotas and exploitation standards based on scientific data (Ocean & Climate, 2019).
• Protecting essential fish habitats (NOAA Fisheries).
• Certifying sustainable fisheries (Ocean & Climate, 2019).
• Ending harmful fisheries subsidies that promote overexploitation (World Economic Forum, 2020).

These measures aim to align economic activities with environmental sustainability to preserve fish populations for future generations.

The tragedy of common as use in this context is the depletion of shared or commonly owned resources. When a river or occean collectively owned by the people is overfished it would deplete the resources, thus, the aquatic creatures.

It takes the intervention of government or regulatory bodies to mitigate the exploitation and parochial expedition on the pond.

Among the mitigation strategies are:

*Management of the oceans

* License of the operators

*Quota system

* Subsidy

* Taxation

*Cooperation of the participants

The concept of "tragedy of the commons" applies to overfishing in the following ways:

Economic Policies to Mitigate Overfishing:

These policies aim to align individual incentives with long-term sustainability goals, promoting responsible fishing practices and ensuring the health and resilience of marine ecosystems.

The concept of "tragedy of the commons" applies to overfishing when multiple fishermen or entities exploit a shared fishery resource without effective management or regulation. Each individual has an incentive to maximize their catch, leading to depletion of fish stocks and potential long-term economic and ecological harm.

Economic Policies to Mitigate Overfishing:

Implementing these policies helps align individual incentives with long-term sustainability goals, balancing economic interests with environmental stewardship in fisheries management.

The "tragedy of the commons" applies to overfishing as it illustrates how individual fishers acting in their own self-interest can deplete a shared resource, like fish stocks, leading to long-term depletion for everyone. Economic policies to mitigate this issue include implementing quotas, establishing fishing rights, creating marine protected areas, and enforcing sustainable fishing practices. These measures aim to regulate access and encourage responsible use of the resource.