Off Topic: How Rent Works in Fisheries

In economics, the term “rent” is often confused with economic profit. Profit (π) can be measured over the short-term or the long run. In the short term, profit is equal to total revenues minus total costs of production (π=TR-TC). Over the long run, marginal costs accumulate and matter more than short-term profits. This applies to… Read More

On the Golden Age of Sharks

When the Golden Age of Fishes ended 359 million years ago, more than 75% of Earth’s species were eliminated. The Devonian Period, as it was also known, was over. As life rebounded, a new era of abundance—the Carboniferous Period—had begun. On land, the world’s first rainforests emerged. Early clubmosses, conifers, and cycads—some more than 100… Read More