Economic Foundations of the Law Of the Sea

Abstract

The United Nations Convention on the Law of the Sea demonstrates plausible economic logic by assigning jurisdiction over portions of the ocean to the states that value them the most and can regulate them most cheaply, while respecting other states΄ interests in navigation and additional uses of the seas. For the vast oceanic areas that no state can regulate, the Convention provides for an open access regime subject to simple rules, mostly self-enforcing, to limit conflict over resources.