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Tag Archives: Regulation

Trampling Democracy to Fight Climate Change

by Ramesh Ponnuru

Obama Global WarmingRepublicans are calling President Barack Obama’s new coal-plant regulations a “power grab.” The truth is more complicated, and ominous, than that.

This isn’t a case where the executive branch has simply gone beyond its authority. It’s a case where officials in all three branches of government have found a way to achieve their policy goals while shielding themselves from accountability.

Congress sends bills to the president and the president signs them: That’s how major policy changes are supposed to work. But Congress has never passed large-scale regulations to combat global warming. It has never even voted to authorize such regulations. Continue reading

The Tale of Two Recoveries

by Michael Hausam

How often have you heard a Democrat prattle on and on about how well Barack Obama has done with the economy, given the mess he inherited? Usually, it’s some version of, “Things are getting better, but the economy the President started with was so awful, so he’s done as well as anyone could expect.”

When Ronald Reagan took over from Jimmy Carter in ’81, things were actually worse economically compared to when Obama took over from George W. Bush in ’08. Continue reading

How Big Government Policies Kill Jobs and Opportunity

Regulations PaperworkTo reduce unemployment, we need a free market in labor.

by Richard A. Epstein

The latest government labor report indicates that job growth has slowed once again. It is now at a three-year low, with only an estimated 74,000 new jobs added this past month. To be sure, the nominal unemployment rate dropped to 6.7 percent, but as experts on both the left and the right have noted, the only reason for this “improvement” is the decline of labor force participation, which is at the lowest level since 1978, with little prospect of any short-term improvement.

The Economic Logic of Supply and Demand

One might think that these figures would be taken as evidence that a radical change in course is needed to boost labor market participation. The grounds for that revision rest on a straightforward application of the fundamental economic law of demand: As the cost of labor increases, the demand for labor will decrease. There are, of course, empirical disputes as to just how rapidly wage increases will reduce that demand for labor. Continue reading

Feds list 141 new regulations in only three days

costs-of-over-regulationIt’s a new year and you know what that means — new regulations. The Obama administration has wasted no time in writing them.

The website Regulations.gov lists 141 regulations that have been posted by federal agencies in the last three days alone. Of these regulations, 119 are “rulemaking,” meaning they establish a new rule. Twenty-three are “non-rulemaking,” meaning the regulations does not establish a new rule.

The largest group of regulations have to do with energy and environmental issues, many of them issued by the Environmental Protection Agency. Continue reading

White House delayed enacting rules ahead of 2012 election to avoid controversy

Regulations Paperwork

To avoid adversely impacting the economy before the 2012 election, Obama delayed new rules and regulations on everything from ObamaCare to new environmental and workplace regulations. 

by Juliet Eilperin    •   The Washington Post

The White House systematically delayed enacting a series of rules on the environment, worker safety and health care to prevent them from becoming points of contention before the 2012 election, according to documents and interviews with current and former administration officials.

Some agency officials were instructed to hold off submitting proposals to the White House for up to a year to ensure that they would not be issued before voters went to the polls, the current and former officials said.

The delays meant that rules were postponed or never issued. The stalled regulations included crucial elements of the Affordable Care Act, what bodies of water deserved federal protection, pollution controls for industrial boilers and limits on dangerous silica exposure in the workplace.

The Obama administration has repeatedly said that any delays until after the election were coincidental and that such decisions were made without regard to politics. But seven current and former administration officials told The Washington Post that the motives behind many of the delays were clearly political, as Obama’s top aides focused on avoiding controversy before his reelection. Continue reading

Obamacare is slowing economic growth and costing Americans jobs

Weak EconomyWith the recent news that the Obama Administration will postpone the healthcare mandate on employers (but not on individuals) until after the mid-term elections, a new Gallup poll of 603 small business owners sheds some very interesting light on the Administration’s political calculations. The Gallup poll revealed that Obamacare is having a dramatic negative effect on the economy and on the ability of Americans to find jobs.

The Gallup poll reveals that more than 40 percent of small-business owners say that Obamacare has caused them to institute a hiring freeze. Nearly one in five small business employers say that Obamacare has caused them to fire existing employees.  Almost one in five small-business owners said they have already cut back their workers’ hours to avoid adverse impacts of Obamacare. About one in four employers “are weighing whether to drop insurance coverage.” Continue reading

The Regulated States of America

by Niall Fergusoncosts-of-over-regulation

In “Democracy in America,” published in 1833, Alexis de Tocqueville marveled at the way Americans preferred voluntary association to government regulation. “The inhabitant of the United States,” he wrote, “has only a defiant and restive regard for social authority and he appeals to it . . . only when he cannot do without it.”

Unlike Frenchmen, he continued, who instinctively looked to the state to provide economic and social order, Americans relied on their own efforts. “In the United States, they associate for the goals of public security, of commerce and industry, of morality and religion. There is nothing the human will despairs of attaining by the free action of the collective power of individuals.” Continue reading

The Red-State Path to Prosperity

Blue states with high taxes are struggling to compete for businesses and workers.

by Arthur B. Laffer and Stephen Moore

You can tell a lot about prosperity in America by observing the places people are moving to and where they are packing up and moving from. New Census Bureau data on metropolitan areas indicate that the South and the Sunbelt regions continue to grow, while the Northeast and Midwest continue to shrink.

Among the 10 fastest-growing metro areas last year were Raleigh, Austin, Las Vegas, Orlando, Charlotte, Phoenix, Houston, San Antonio and Dallas. All of these are in low-tax, business-friendly red states. Blue-state areas such as Cleveland, Detroit, Buffalo, Providence and Rochester were among the biggest population losers. Continue reading

Carbon Taxes and Leprosy: The opportunity of a life time? Who are they kidding?

by George Landrith   carbon tax

It is not surprising that there are liberals in Washington proposing new stealth carbon taxes. What is surprising is that a few “conservatives” support the idea. Even more inexplicable is the fact that some have called the carbon tax a “once in a generation opportunity.”

Let me see if I’ve got this right. A huge, gargantuan tax increase — one that would make everything cost more — is a “once in a generation opportunity?”

Every single day for the last 30 years and every single day for the next 30 years, liberals will crawl over top of each other to be the first one to sign-on to a new energy tax. This is a deal that liberals will always be willing to give. Continue reading

Fact-checking President Obama

by George Landrith

Let’s fact check President Barack Obama’s debate statements. He spent a lot of time since the first debate and during the second debate complaining that what Gov. Mitt Romney said wasn’t true. Yet, the facts do not support Obama’s claims. Here is the proof on Obama’s poor record on truthfulness during the second debate:

The attack in Libya — a terrorist attack? Or a spontaneous protest that got out of hand because of an offensive internet video?

On the issue of Libya, Obama said, that the day after the Sept. 11, 2012 attack on the American Consulate in Benghazi, “I stood in the Rose Garden and I told the American people and the world that we are going to find out exactly what happened. That this was an act of terror and I also said that we’re going to hunt down those who committed this crime.”

Romney challenged Obama’s characterization that he had identified the Benghazi attack as terrorism on day one. Obama doubled down. Just as Romney was about the snare Obama in his lie,  the the moderator erroneously sided with Obama and claimed that he had identified the attack as terrorism. After the debate, the moderator admitted that she was wrong and that Romney was correct. But let’s not rely on her retraction and correction, let’s go straight to the record. Continue reading

Economy, Debates Reveal Obama, Biden Haven’t Got What It Takes

by Peter MoriciMorici

This election should be about the economy — the recovery is too slow and Americans are hurting. The performances of President Obama and Vice President Biden in the debates on the campaign trail tell us why. Both say endlessly that they inherited a huge mess, but Americans have seen challenges like these before — and with better leaders, they licked those more quickly.

When Mr. Obama took office, financial markets were in turmoil. Unemployment peaked at 10% in October 2009. Continue reading

Global warming stopped 16 years ago

  • The figures reveal that from the beginning of 1997 until August 2012 there was no discernible rise in aggregate global temperatures.
  • This means that the ‘pause’ in global warming has now lasted for about the same time as the previous period when temperatures rose, 1980 to 1996.

Continue reading

California gas prices are a warning

by Diana Furchtgott-Roth

California’s record gasoline prices and long service station lines are a warning to all of us about what green energy can do to our pocketbooks.

On Monday, California gasoline cost $4.67 per gallon, compared with the $3.81 U.S. average. California’s environmental standards are the most stringent in the country, and Californians are paying the price.

The price spike started with an August fire in Chevron’s Richmond refinery. Then, two other refineries, operated by Tesoro and Exxon Mobil, went down for maintenance. Because California requires different blends of gasoline from other states, and pipelines across the Rockies are limited, gasoline can’t be shipped in from elsewhere. Continue reading

Why ‘Catch Shares’ Is the Solution for Fisheries

Seafood Is Yummy; Bureaucratic Mismanagement Is Not

Public policy on fisheries continues to rely largely on outdated central planning. This has led to hazardous fishing conditions, depletion of many fish stocks, and economic inefficiency.

An innovative approach – dubbed “catch shares” – has emerged in recent decades. Where it has been tried, it has been successful, both for fishing production and conservation. Catch shares involve recognizing fishermen have property rights – the “shares” – they may use, lease, or sell.

Initiating more market-oriented policies in any area necessarily involves creative destruction. Key to any campaign to broaden the reach of catch shares will be: 1) developing principles for transitioning from the outdated model; 2) highlighting the negative effects of continuing under the outdated model; and 3) upholding the success of fisheries operating under catch shares.



 A Straightforward Industry

Fishing as an industry has existed for thousands of years. While technological advances have enabled the scope of fishing to expand enormously, the fundamentals remain the same. It’s people making a living on boats, while figuring out how to get slippery creatures out of the water. From there, they can be transmitted to land to be broiled in butter, lemon, and garlic, or such seasonings as may be desired.1

A Problem and Its Solution

The broiling-in-butter-and-garlic thing sounds pretty good, right? Most people think so. Not only did the global tonnage of seafood consumption more than triple from 1961-2007, but consumption per person nearly doubled.2 That’s a lot of fish. (It’s also a lot of butter, but that’s beyond the scope of this article.)

The increase in demand has contributed to intense pressure on fisheries. Since governments typically have jurisdiction over the waters, relevant authorities have tried to stay ahead of the fishermen by regulation. This has meant capping fishing, initially by instituting “fishing seasons.” This is basically a clever way of marketing non-seasons when fishing is prohibited. A variety of other restrictions then follow, from licensing to equipment restrictions to reporting requirements. Seasons themselves end up shortened, sometimes to absurd lengths measuring in days instead of months.

These can all be well-intentioned regulations but ultimately they merely slow rather than defuse the fishing arms race, with many fishing stocks both in the U.S. and abroad depleted.3

One problem is the adversarial nature of having regulators chasing after fishermen, and fishermen, often having greater knowledge of the fish and the terrain, consistently gaining the upper hand. Fishermen typically are also better-motivated, fishing for their livelihoods. Regulators, at least in the U.S., tend to receive the same salaries regardless of the status of resources under their purview.

Changing the paradigm and enlisting the fishermen is a proven solution. Dubbed “catch shares,” it assigns quotas to individual fishermen. The shares then become the property of the fishermen, to be used, sold, or traded as the owners see fit. Crucially, fishermen are then empowered to fish during safer weather and when it’s most economically feasible, with seasons typically lengthening once catch shares have been implemented.

Misinformation about the nature of catch shares is a hurdle, as are concerns over consolidation of fishing fleets. Stakeholders in fisheries still under a central planning regime will likely need to be mollified moving forward.


An Industry Under Pressure

External Pressures: Demand…

Economic pressures affect the fishing industry like any other. In the case of the fishing industry, seafood continues to be very popular. This is due to a variety of factors, but perhaps one of the most significant marginal factors is nutritional health benefits.4 In simplistic terms, oils that remain liquid at the lower temperatures experienced by sea creatures can be more easily processed through human digestive tracts. Those oils themselves feature other healthy properties.

The market has also shown an increased demand for healthier foods in recent years (see Figure 1). One vegetarian working with a vegan-friendly health, wellness and skincare company commented to us that even though she avoids food from land-based animals – beef, pork and even chicken – she eats seafood regularly due to the recognized health benefits and its value as a source of protein.5 We didn’t ask her how much butter and garlic she uses, but clearly health concerns are contributing to the global demand pressures on the industry.

…And Competition

Fishermen have been squeezed on prices from the influx of farm fishing, particularly from overseas. The Alaska wild salmon fishing industry came under such pressure in the early 1990s, with salmon flooding into the market from fish farms, chiefly in British Columbia, Norway, and Chile. Due to the fundamentally simple nature of fishing – men on boats – many wild salmon fishermen simply switched to different stocks, particularly king crab and halibut. This resulted in a glut of fishing of those stocks – a type of domino effect. That helped lead to Individual Fishing Quotas – a type of catch shares program – being enacted for king crab and halibut.


As one industry veteran explained it, “in fishing, switching stocks is easy, if you already own your boat. You may need to buy a little different gear, but that’s a minor expense.” In this way, stocks are not insulated from pressures on other stocks they’re geographically close to.

The Quest for Moby Dick – Figuratively Speaking

If Ahab Was a Federal Bureaucrat

External pressures on the fishing industry, coupled with the internal pressures of ingenuity from fishermen aided by new technology, threaten to exhaust fishing stocks. This has resulted, over time, in a wide array of mandates from government regulators attempting to rein in overfishing. Unfortunately, a failure of imagination over the past century has at best slowed the bleeding, and at worst has accelerated the problem.

The U.S. Commission on Ocean Policy’s 2004 report sums up the cat-and-mouse aspect well:

Recognizing the dangers posed by overfishing, managers began to regulate fishermen by placing controls either on input or output. Input controls include such measures as closing access to fisheries by limiting permits, specifying allowable types and amounts of gear and methods, and limiting available fishing areas or seasons. Output controls include setting total allowable catch (the amount of fish that may be taken by the entire fleet per fishing season), bycatch limits (numbers of non-targeted species captured), and trip or bag limits for individual fishermen.

These management techniques create incentives for fishermen to develop better gear or to devise new methods that allow them to catch more fish, and to do so faster than other fishermen, before any overall limit is reached. They provide no incentive for individual fishermen to conserve fish, because any fish not caught is likely to be taken by someone else…if managers limited the length of the boat, fishermen increased its width to hold more catch. If managers then limited the width, fishermen installed bigger motors to allow them to get back and forth from fishing grounds faster. If managers limited engine horsepower, fishermen used secondary boats to offload their catch while they kept on fishing.

One input control many managers turned to was limiting fishing days…[i]n the historically year-round halibut/sablefish fishery in the Gulf of Alaska, the fishing season dwindled to less than a week by the early 1990s.

In addition to conservation concerns, the race for fish can create safety problems. Faced with a sharply curtailed amount of time in which to harvest, fishermen often feel compelled to operate in unsafe weather conditions while loading their boats to capacity and beyond.7 [emphasis added]

 The paradigm under which regulators typically operate is fatally flawed. It’s not surprising, in retrospect – the interest of a bureaucrat is in preserving power, both professionally and as a function of human nature. Meanwhile, some officials may be adherents of environmental ideologies (or at least environmentalist premises) that exacerbate the adversarial relationship with the men and women trying to make a living under their purview. The typical thought process for a regulator may well be:

I am responsible for maintaining these fishing grounds. These fishermen come here to fish, and I’m not allowed to send them away. However, I will make rules for them to follow. And if they find loopholes in the rules to do things I don’t like, I will make new rules. And if they find loopholes in the new rules, I’ll chase them with yet more new rules. I’ll chase them round Good Hope, and round the Horn, and round the Norway Maelstrom, and round perdition’s flames before I give them up.8

Captain Ahab may seem a harsh analogy. But consider, the traditional central planning model of fisheries management is in a slow-motion death spiral. Nothing suggests the high demand for seafood will abate. FIshery QuoteThis affords no margin for error for the broad mismanagement of regulators unable to keep up with fishermen who, in the aggregate, will continue to outwit them as they seek to make a living.

Worse, the failure of the central planning model will raise food prices, put fishermen out of work, and possibly lead to the extinction of various species of sea creatures. Like Ahab, then, the central planners are both doomed to fail and certain to drag down others with their failure.

‘Tragedy of the Commons’

Discussions of wild resource management often feature a reference to the 1968 Science article10 by that name from Garrett Hardin. Hardin, an ecologist obsessed with what he saw as human overpopulation, knew how to turn a phrase. The “tragedy” is the name he gave to any resource held in common that is abused.

Regardless of Hardin’s idiosyncrasies, he usefully encapsulated the real concern that confronts resource managers. How should we preserve a resource that must be exploitable, without overexploiting it?

The example most rooted in the history of the last thousand years is common grazing rights in England – where herders are incentivized to add to their herd and deplete the commonly-held grazing fields. Logging can have a similar challenge. If government owns the land and allows logging to take place, companies may attempt to grab all the lumber they can without regard to planting new trees. Hunting on land is also analogous.

Hardin had his own hobbyhorse concern – one of the sections in his six-page essay is “Freedom To Breed Is Intolerable” – suggesting that humans themselves were an unfolding tragedy. He walked his talk, committing suicide with his wife in 2003.

The regulatory death-spiral holds no answers – instead, a new paradigm is needed. Property rights enlist the users, but they require a certain “letting go” on the part of regulators.


Countering Doubts

 This ‘Catch Shares’ Thing Sounds Great. What’s the Holdup?

Because there are thousands of fisheries individually administered – not just in the United States, but around the world – catch shares may take decades to be adopted. That means the transition to a catch share system should be as transparent, straightforward, and smooth as possible in order to serve as a model for transitions in other fisheries.

Some of the confusion surrounding catch shares arises out of simple misunderstandings. Florida Republican Rep. Steve Southerland posted an op-ed in The Hill newspaper11 in April 2011 in which he argues catch shares are a bad idea.

Among his points: 1) it would prevent him from hopping in a boat with his sons whenever they liked to catch some fish for dinner; 2) it’s part of a secret plan by the federal government to regulate fishing; and 3) catch shares is a form of cap and trade, and thus analogous to the proposed carbon trading scheme that has become anathema to conservatives and many others.Cows_Commons

If catch shares really is a secret federal regulatory plan to impose a cap and trade system to stop Southerland from fishing with his sons, that is indeed problematic. However, fortunately, it is none of those things. How so?

1) Recreational fishing. Southerland’s anecdote about catching fish for his own consumption is covered legally under recreational fishing. Such activity has not been prohibited under any catch share program in the U.S. In fact, all recreational fishing – a fraction of the total – is cordoned off from catch shares. Catch shares applies exclusively to commercial fishing.

To the extent there may be legal ambiguity, it may be productive for future legislation to clarify that such fishing as Southerland describes is recreational and should be legal. However, what must be avoided is any attempt to redefine some commercial fishing as recreational in an attempt to skirt the rules. That would lead to black market fishing that would undermine fisheries management regardless of which system – catch shares or traditional – is in use.

2) Secret federal regulations. It’s not entirely clear why Southerland implies that catch shares would impact his ability to catch fish for his family’s consumption, since this has been the case under no catch shares program ever. The explanation may lie in the bogeyman of the federal regulatory structure; certainly, federal regulators have inflicted plenty of arbitrary and capricious rulemakings over the years. However, it’s way off base to suggest that catch shares are a new regulatory incursion on the fishing industry.

Rather, catch shares allow government to ease the regulatory burden on the fishing industry. This is true both in theory, since fishermen regulate the securing of their own catches, and in practice, since the institution of catch shares has typically featured the lengthening of fishing seasons and other easing.

3) Cap and trade. It is true that catch share programs rely on a “cap” in order to assign value to the quotas for each fisherman. However, the cap has been in place for decades. Indeed, from the very inception of fishing seasons, a cap was in place. The concept of a season automatically implies a cap of some type. It is also true that fish, unlike carbon, is a real commodity that has value outside of a government-constructed regulatory scheme to give it value. That is to say, the demand for fish is real and based on the prices people are willing to pay. The demand for “carbon credits” is zero absent a government mandate.

More recently, regulations have grown in sophistication and data support. The question must be asked: if the “cap” in this case is bad, does that mean there should be no cap at all? It’s not clear that Southerland means to advocate for such a solution.

But the Mechanism for Transitions Must Be Credible

A more tangible concern about transitioning to catch shares is fleet consolidation. In Joseph Schumpeter’s 1942 work, Capitalism, Socialism and Democracy, he wrote about a process called “creative destruction.” His point was that entrepreneurship would foster economic growth, but that a significant side effect would be the tearing down of established systems and businesses.13

In this case, there is unquestionably a churning in the marketplace created by catch shares. The size of some fishing fleets have shrunk, with catch shares in places such as some Alaskan fisheries being based on performance over several seasons – cutting out some smaller or more recent market entrants. Despite the safer and generally better nature of fisheries under catch shares, some stakeholders express concern about fleet consolidation and the wealth gained by catch shares holders.

There is no easy response to such concerns, except to point out the many fisheries around the world facing total depletion of stocks under traditional, centralized regulatory management. Simply put, traditional management threatens to leave all fishermen out of work, not just the ones without catch shares.

Certainly, the transition to catch shares must be seen as fair and open and not simply a festival of crony capitalism. It also must be understood that the transition may be bumpy at first – the Cape Cod Times in a 2011 article quoted one fisherman with four years’ catch shares experience saying “The first year is the worst year.”14



 This May Take Some Time to Sort Out

A challenge in reaching a logical policy goal is the emotional attachment to something as deeply rooted in human civilization as fishing. Many of the concerns have to do with threatening a way of life that has existed for thousands of years.

However, catch shares do not threaten any way of life. Indeed, the real question is how modern market realities – featuring billions of consumers waving hard cash – can be addressed. It is these billions of consumers that have upended the ancient fishing commons.

More immediately, the attachment to the ideal of open fisheries died decades ago under federal management with the institution of fishing seasons and licensing. Barring a more radical suggestion, the best way to uphold market principles and reduce government heavy-handedness is a means of empowering fishermen themselves to manage ocean resources. With catch shares, fishermen will be driven by an Adam-Smith-worthy self-interest to maximize fish production – and the butter and garlic won’t get lonely.

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George Landrith is the president of Frontiers of Freedom, a public policy think tank devoted to promoting a strong national defense, free markets, individual liberty, and constitutionally limited government. Mr. Landrith is a graduate of the University of Virginia School of Law, where he was Business Editor of the Virginia Journal of Law and Politics. In 1994 and 1996, Mr. Landrith was a candidate for the U.S. House of Representatives from Virginia’s Fifth Congressional District. You can follow George on Twitter @GLandrith.


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End Notes

1 …or battered and fried and served with lemon slices and french fries; diced and served with rice, wasabi, and ginger; or combined with steak for a surf ‘n turf offering. Limitless possibilities.

2 United Nations Food and Agriculture Organization, Consumption of Fish and Fishery Products: http://www.fao.org/fishery/statistics/global-consumption/en

3 United Nations Food and Agriculture Organization, The State of World Fisheries and Aquaculture 2010: http://www.fao.org/docrep/013/i1820e/i1820e00.htm – page 8 of the document (but page 26 of the pdf at the link). Link via the Competitive Enterprise Institute’s Give a Man a Fish: The Case for a Property Rights Approach to Fisheries Management, May 17, 2012: cei.org/sites/default/files/Iain%20Murray%20and%20Roger%20Abbott%20-%20Give%20a%20Man%20a%20Fish.pdf

4 Monograph from the Mayo Clinic website, retrieved from http://www.mayoclinic.com/health/fish-oil/NS_patient-fishoil on July 7, 2012.

5 Conversation with a Regional Vice President for Arbonne International.

6 Food Zones Chart retrieved from here: http://www.heartzones.com/store/index.php?main_page=popup_image&pID=366

7 An Ocean Blueprint for the 21st Century: Final Report of the U.S. Commission on Ocean Policy, September 20, 2004: http://www.oceancommission.gov/documents/full_color_rpt/000_ocean_full_report.pdf – page 287 of the document (but page 325 of the pdf at the link). Link via the John Locke Foundation’s Catch Shares: A Potential Tool to Undo a Tragedy of the Commons in NC Fisheries, April 26, 2012: http://www.johnlocke.org/research/show/spotlights/272

8 Projection on our part, with thanks to Herman Melville’s Moby Dick, chapter 36.

9 An Ocean Blueprint, page 287 of the report, page 325 at the link referred to in 6 above.

10 Garrett Hardin, The Tragedy of the Commons, Science Magazine, December 13, 1968. Retrieved from here: http://www.sciencemag.org/cgi/reprint/162/3859/1243.pdf.

11 Rep. Steve Southerland (R-FL), “National Ocean Policy: Bad for coastal economies,” The Hill newspaper, April 5, 2012. Retrieved from here: http://thehill.com/blogs/congress-blog/energy-a-environment/220211-national-ocean-policy-bad-for-coastal-economies

12 Grazing image retrieved from here: http://en.wikipedia.org/wiki/Tragedy_of_the_commons

13 Schumpeter was actually a pessimist about the ability of the market to sustain creative destruction due to its tendency to erode the support mechanisms that foster entrepreneurship. But in this case, the property rights of fishermen with catch shares give a good foundation for stability, since their individual quotas fall under constitutional protections.

14 Doug Fraser, “Fishermen adapt to new rules,” Cape Cod Times, April 17, 2011, www.capecodonline.com/apps/pbcs.dll/article?AID=/20110417/NEWS/104170326 – Link via the John Locke Foundation paper cited in 6 above.

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