Define Historical example of management of renewable resources?
There are fundamental and well developed applications of mathematical and quantitative approaches to the management of fisheries. In this case, not just do mathematical and biological concepts enter, but economics must as well play a central role (Clark, 1990). Additionally, this field is one where attention to certain assumptions is necessary. For instance, the most basic concept is that of maximum sustainable yield, which is derived from simple mathematical ideas from calculus, and expresses the largest harvest rate possible from a population in terms of the basic parameters in the very simple descriptions of density dependent population growth. This concept is helpful in illustrating the concept of overfishing, but is also important due to its shortcomings. It does not incorporate the important role that economics and stochasticity play in the dynamics of a managed resource both of that can greatly change the results (Clark, 1990).