The tragedy of the commons that is crashing the world’s commercial fisheries occurs because there is little feedback from the state of the fish population to the decision to invest in fishing vessels. Contrary to economic opinion, the price of fish doesn’t provide that feedback. As the fish get more scarce they become more expensive, and it becomes all the more profitable to go out and catch the last few. That’s a perverse feedback, a reinforcing loop that leads to collapse. It is not price information but population information that is needed.
