Scientists in a country are unable to determine the actual population size of a species of fish native to the country’s rivers. Although it is possible that the species is simply underreported, the country’s government determines the species has likely been overfished and classifies it as endangered. Identify a potential economic benefit and a potential cost of this policy, and explain how it utilizes the precautionary principle.
If a species is at risk of extinction because of rapid decrease in its population is considered as endangered species. According to the given data as scientists are unable to determine the actual size of population, this species of fish is considered as endangered as it is at its brisk of extinction.
Well, this policy provides a range of benefits.
It does not just prevent individual species from going extinct but also protects the entire web of life
Potential economic benefit with this policy includes more direct benefit by local tourism and improving residential land values. The value of ecosystem services to the economy is enormous. Apart from that employment is generated and many medical benefits are derived.
The economic costs are also real for this policy but the potential economic costs hit specific industries rather than the country at large.
This policy utilizes precautionary principle by not just protecting individual species of fish but also it protects the ecosystems that support that species of fish. It helps sustain the natural land and water ensuring a hospitable climate.
Scientists in a country are unable to determine the actual population size of a species of fish native to the country’s rivers. Although it is possible that the species is simply underreported, the co...