new methods and approaches to theorizing and modeling economics could help to make
great advancements in tackling the economic component of sustainability.
Figure 3: Standard Neoclassical Model,. Credit: Adapted by Jorge Rivas from Daly and Herman
(1977, 1996).
Figure 4: HES Model: Economic System coupled with the Earth System, showing Ecosystem
Services and feedbacks. Credit: Adapted by Jorge Rivas from Daly and Herman (1977, 1996).
3.4. Fisheries systems (Watmough)
Many models and theories have been developed to predict the maximum
sustainable yield for various fish stocks. In the past, these have been used to set quotas
for maximum harvests. These were implemented by starting the fishery on a certain day
and closing the fishery when the quota was met. This led to the interesting effect of
concentrating fishing effort into just a few days a year due to the need for fishermen to
compete to bring in as many fish as possible before the quota was met.
Several inefficiencies arise from this: notably, only 10% of the harvest was sold