Can New England's cod fishing industry survive?

This Guardian article looks at a classic common access resource problem: over-fishing. In this case, it's the North Atlantic waters off the New England coast that no longer teem with cod.

However, what is fascinating is that there's disagreement about the cause of the problems: the scientists are of the view that regulation is required because cod stocks are already dangerously low; the fishermen argue the opposite, that its the regulation, and earlier foreign fishing that is to blame for the lack of a viable cod fishing industry.

It is a fascinating insight into one of the most fundamental economic problems.