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Cautionary Tales · May 15, 2021 · 36m

The End of the Sardines

Cautionary Tales

The collapse of the Monterey sardine fishery — how the most abundant fish in the Pacific was fished to commercial extinction within two decades, despite scientists' warnings that catches were unsustainable.

Highlights

Short-term profit consistently defeats long-term sustainability — even when the math is clear
Scientists warned for years that sardine catches were unsustainable. Fishermen, cannery owners, and politicians ignored the warnings because the short-term profits were too good.
The tragedy of the commons — each fisherman's rational decision to catch more produces collective ruin
Each individual fisherman maximized his catch because any fish he didn't catch, someone else would. Individually rational behavior produced collectively catastrophic outcomes.