Maximum Sustainable Yield

In economics, agriculture, and the study of ecosystems, the maximum sustainable yield (MSY) typically denotes the maximum amount of a resource that can be used or removed from a system without affecting the system's ability to maintain itself and replenish or [Page 1355]renew the resource at current levels in a sustainable manner. In economics, MSY refers to the theoretical equilibrium yield or the amount that may be harvested at a steady equilibrium state without significantly affecting the reproduction processes. It is calculated using the intrinsic growth rate of the resource stock and the environmental carrying capacity. MSY can be estimated from surplus production models such as the Gordon-Schaefer production function.

H. Scott Gordon argued in 1954 that economic rent from a common resource, such as open-access ...