Problem Set 2b - FROM ECONOMIST.COM A FISHERMAN'S TALE May...

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FROM ECONOMIST.COM A FISHERMAN'S TALE May 21st 1998 Overfishing is one part human nature, and two parts poor management. AT DAWN the boats across the Maricaban Strait dim their floodlights and haul in their nets. Light-fishing is illegal in the Philippines, but the law is routinely ignored. It is a better way of catching fish, and fish are increasingly hard to come by in the South China Sea. The boats take their haul to market in Anilao, 20 minutes down the coast. Bonito are for sale at the water's edge, and stalls a few paces from the harbour offer rabbit fish, snappers, goat fish and a ropey-looking marlin. The market, which starts at around 6.30am, used to last until mid-morning, but this Saturday the tubs of fish are gone by 8am. Many fish are small, some below spawning age. Filipinos now serve guests species of fish that they barely considered edible a decade ago. One market trader has given up fish and taken to selling chicken instead. The scarcity is the result of overfishing,
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