Letter in the Daily Telegraph
Property rights are the best way to conserve anything — land, buildings and all renewable natural resources. Property rights give a stake in the long-term value of a resource. Iceland provides a good example of how property rights in national fishing grounds can be created and enforced to the long-term benefit of fish stocks.
The logistics of such an approach may be more difficult on the high seas, but with determination and imagination politicians could help create the legal institutions that would give owners of fishing rights a stake in the long-term future of fish.
Professor Philip Booth, Editorial and Programme Director
Dr Richard Wellings, Deputy Editorial Director
Institute of Economic Affairs, London SW1