The economics of the marine sector: general equilibrium and ecological analysis |
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| Authors: | Prof Dr James Barney Marsh Prof Dr Sung Chul Chung |
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| Institution: | (1) Resource Systems Institute, East-West Center, 1777 East-West Road, 96848 Honolulu, Hawaii, USA;(2) Department of Financial Economics and Institutions, College of Business Administration, University of Hawaii, 96822 Honolulu, Hawaii, USA;(3) Ocean Economics Department, Korea Ocean Research and Development Institute, Ansan, POB 29, 171-14 Seoul, Korea |
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| Abstract: | Recent transfers of potential marine wealth to coastal states, resulting from the Third United Nations Convention on the Law of the Sea, have enhanced our awareness that the marine sector might ultimately prove to be a new frontier. The objective of this paper is to initiate work toward the development of a systematic appraoch to the economics of this sector. To this end, the marine sector is assumed to be the fourth factor of production, taking its place with the traditional trio of land, capital and labor. The productivity of this sector is described and analyzed with the aid of a simple general equilibrium model. |
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