CHOICE magazine reviewed Professor Hallwood’s Economics of the Oceans: Rights, Rents and Resource, Routledge, Oxford, 2014. It awards the book a “highly recommended” saying: “This unique study combines ecological concepts and neoclassical economic models with case studies to analyze critical problems relating to the oceans. Using the perspectives of law and economics, Hallwood (Univ. of Connecticut) provides both historical context and a discussion of how conflict resolution institutions may help solve problems pertaining to oceans. The book’s parts describe the study’s topical domain: historic wrecks, modern pirates; enclosure; fisheries economics; fisheries regime formation; marine mammals; coral reefs, marine protected areas, wetlands; pollution; and minerals. Each part includes one to four chapters. In every instance, the author couches problems in economic terms: free rider problems relate to maritime piracy; microeconomics concepts apply to resolving maritime boundaries; the Coase theorem applies to fisheries management.”

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