Volume 34, Issue 3, May 2010, Pages 367-374
How is the the world’s oceans related to economics? How can an assessment of an economy prevent unprecedented impacts and help mitigate many factors that contribute to ocean related problems? J.T Kidlow, The National Ocean Economics Program, and A. Mcllgorn, The University of new England and Southern Cross University, have researched the importance of estimating the ocean as a contributor to modern economies. Until 1990, many nations have not formally conducted an evaluation of the effects the ocean has on its economy. Kidlow conducted an evaluation of ocean industry sectors, based off APEC’s industry sectors, and concluded that the U.S.A’s GDP, is directly effected from the following ocean industries: oil and gas; fisheries/living resources; shipping; marine construction; and marine tourism. Kudlow reasearch in 2009, based off data in 2004, list that the ocean is 138billion dollar contributor to the U.S economy, not including environmental and ecosytem stocks that arent direct goods and services. Kudlow presents data that could be useful to policy makers in the determination of ocean and marine ecosystem preservation.
It is interesting how large of a contributor ocean industries are to the U.S. economy. Are there any other countries that already have laws that the U.S. might be able to model after for the preservation of marine/ocean ecosystems?
Good summary, Marcus, but what is APEC?