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One Fish, Two Fish, Red Fish, $100,000 Bluefin
Everyone knows sushi can be expensive, but
this is something else:
Two sushi bar owners paid more than $100,000 for a Japanese bluefin tuna at a Tokyo fish auction Monday, several times the average price and the highest in nearly a decade, market officials said. The 282-pound premium tuna caught off the northern coast of Oma fetched $104,700, the highest since 2001.
You might think that the sale of this huge, delicious, scary-looking tuna is all part of the grand Tokyo tradition going back centuries. And it is, in a way. But a fusion of American and Japanese tastes, techniques, natural resources, and new refrigeration and travel technology made the tuna market what it is today.
The taste for richer fish such as tuna arrived [in Japan] with American troops after World War II, who introduced enthusiastic red meat eating to a previously ascetic people. The most prized sushi today is fatty tuna from the belly of the fish, or toro. But before Americans started ordering nigiri—raw fish laid on balls of rice—most traditional sushi chefs looked down on tuna with the same disdain a French chef has for fat-free mayonnaise.
Likewise, the American concept of tuna—the white, flaky stuff in cans—had no place for the rich, red flesh of the 600-pound creatures being caught in the cold water of the Atlantic. The huge tuna that now spark intense bidding wars at Japan’s Tsukiji seafood market were used primarily to make cat food.
An airline executive with empty cargo holds to fill got a worldwide market in tuna going, and the rest is history.
Read the rest of the article on sushi and globalization from me, here in "The Day of the Flying Fish."
LurkerBold|1.5.09 @ 3:15PM|#
The common worker could afford sushi if it were not for these repulsive auctioneers.
Naga Sadow|1.5.09 @ 3:15PM|#
KMW,
I work at an Asian restaurant. The price, while excessive, sounds
about right considering how things are going in the tuna world.
Just Pacific Ahi tuna is going for around $26 dollars a pound and
that quote is almost 6 months old. Its totally priced just about
every sushi restaurant out of the market. I'm waiting for the
"market failure" excuse and talk of bailouts.
Naga Sadow|1.5.09 @ 3:16PM|#
LurkerBold,
The common worker wouldn't like sushi. Any thing else to report on
the masses?
LurkerBold|1.5.09 @ 3:18PM|#
NS,
Why are you so negative and arrogant about the workers? Are you
afraid of brown people?
LurkerBold|1.5.09 @ 3:20PM|#
Warren,
LOL, yes, excellent!
I know many struggling poets who would really like sushi, but
people like NS keep it from their grasp out of spite.
Nigel Watt|1.5.09 @ 3:21PM|#
Also, I've noticed that even "Italian" restaurants are now offering a tuna dish.
|1.5.09 @ 3:22PM|#
The common worker wouldn't like sushi.
Bullshit. Common
appeal all around.
(I've made this... it is strangely delicious...)
Also, Naga, don't pick up a baby covered in shit. It's no cuter
close-up and it squirms.
LurkerBold|1.5.09 @ 3:22PM|#
Also, if everybody ate raw fish we would not be poisoning Mother
Earth with carbon as quickly as we are now.
Using green ships with sails would be more efficient too.
|1.5.09 @ 3:25PM|#
Of course, there are a variety of tunas, some of which cost a whole lot less than blue-fin. Like blackfin and yellowfin (ahi).
|1.5.09 @ 3:31PM|#
To steer away briefly from the goodness that is tuna, I just
heard that Leon Panetta will be the new CIA chief. I actually met
him (briefly) at an OMB anniversary party back in the 90s. Does
this mean that I can ask him to overthrow a nation of my
choosing?
Back to tuna: Scraps? What's wrong with yellowfin, you poor excuse
for a fake troll?
LurkerBold|1.5.09 @ 3:32PM|#
If bluefin is good enough for you why is it not good enough for the people in the mill?
damn it all.|1.5.09 @ 3:35PM|#
So sad, I wonder how old that fish was to make it to 250
lbs.
What a shame and what a waste.
A fish like that belongs in the sea. Not on some snobs dinner
plate.
|1.5.09 @ 3:36PM|#
I dunno, 'cause I'm their natural superior as a member of the
sword-wielding aristocracy?
I'm not sure I've had bluefin, come to think of it.
|1.5.09 @ 3:38PM|#
I'm not sure I've had bluefin, come to think of
it.
I actually prefer it to toro. But that might just be
me.
Kolohe|1.5.09 @ 3:40PM|#
Watching the Hawaii fish auction is pretty cool. Literally. It's like being on the floor of the NYSE or CBOT but in a giant freezer.
Naga Sadow|1.5.09 @ 3:40PM|#
damn it all,
Did you just call me a snob?
LurkerBold,
The mills? Christ! Do you have an FDR pamplet or something?
SugarFree,
Most of the guests I serve appear to have a certain income level.
The guests I serve who don't want sushi tend to want the cheap rice
and/or noodle bowls. My bad.
Citizen Nothing|1.5.09 @ 3:42PM|#
joe, I remember Samurai Baker, Samurai Psychatrist, Samurai Tailor, but not Samurai Dimwit.
Naga Sadow|1.5.09 @ 3:44PM|#
Pro Lib,
If you ever come to Biloxi, you gotta try my restaurants Seared
Kobe roll. Snow Crab salad, Ahi tuna, Karagee Asparagus, all topped
with seared Kobe beef. It fucking rocks!
LurkerBold|1.5.09 @ 3:45PM|#
NS,
Yes. Is this easier?
Naga Sadow,
The common worker wouldn't like sushi.
You are such a snob! I know all sorts of workers who would love
sushi and I am no snob.
Oh, that is a name someone is using here. At any rate, you are
still a snob and the workers in the mills would see right through
you.
|1.5.09 @ 3:46PM|#
Seeing the story here is amusing, because that book along with more recent articles illustrate that the bluefin is rather rapidly going extinct and the only thing that can stop it is the dread international institution to foil a commons-based market failure!
Naga Sadow|1.5.09 @ 3:48PM|#
LurkerBold,
The mill workers can see through me all they want as long as they
know their place and keep making shoddy goods for the proles!
Bwahahahahahahahahahaha!
Also, yes it is true. I know a lot of people who won't touch raw
fish in any form. Most of them make only about what I make. 35k or
below. Sorry if I have actual experience working in a Japanese
steakhouse.
LurkerBold|1.5.09 @ 3:51PM|#
NS,
Every time I chance across an oppressed worker like you I am amazed
at how many continue to follow the random chantings of the
libertarian sirens.
Biloxi Observational Comic|1.5.09 @ 3:51PM|#
Maybe poor people would like sushi more if their wife's vagina didn't taste so goddamn bad.
Naga Sadow|1.5.09 @ 3:53PM|#
LurkerBold,
Free me!!! Free me from the shackles imposed on me by the tyranny
of evil men!!! Regulate me to freedom!
Happy now?
|1.5.09 @ 3:55PM|#
Naga,
Sushi is good thing. My favorite Tampa sushi outlet is Samurai
Blue. Their signature dish is the Spontaneous
Combustion Roll. It is so choice. I'm not sure what's in the
roll, other than grouper and Japanese mayo, but it's very tasty.
It's also served warm, which is unusual in sushi world. The best
part is that the place is priced high enough that hoi
polloi like MerkinBold cannot sully my enjoyment of the food
☺
LurkerBold|1.5.09 @ 3:56PM|#
NS,
First join the Union then I might begin to believe you.
If you do not have a Union yet, organize a strike right after the
inauguration so the Union can help you.
Citizen Nothing|1.5.09 @ 3:56PM|#
SugarFree - how about this?
www.sportsnet.ca/football/nfl/2008/12/29/parcells_miami/
So since the Dolphins lost, which big tuna is now worth more pound
for pound, bluefin or Parcells?
|1.5.09 @ 3:57PM|#
Oxymoron of the Week (and a strong early candidate for Oxymoron
of the Year):
a commons-based market failure
Damn it all|1.5.09 @ 4:00PM|#
How could I call you a "snob" I don't even know you.
>:)
I had meant: any ingrate who would eat a slaughtered 250 lb fish;
that may have roamed the sea for 20 years, is a snob. But of course
these are the same people who might eat unicorn stakes.
I Love Sushi, (I love a good spicy tuna roll) but for moral and
environmental reasons, I've set my chopsticks aside.
And I lived in Japan for 2 years.
We are severely over fishing our seas, and could completely
decimate the oceans population with in the next ten years if we
don't slow down our nets and polls.
Then where will we be?
No grain, no fish…
We could always eat those fat cats on capital hill.
Hmm I bet they would taste good with enough soy sauce!
|1.5.09 @ 4:00PM|#
Oh, and I wasn't making any references to English comedy acts or
samurai. I was actually thinking French aristocracy around the time
of the Three Musketeers.
joe,
That was for Viking Moose, blessed be his memory.
Naga Sadow|1.5.09 @ 4:00PM|#
Pro Lib,
It looks like a scallop fucked a squid! No way I'm touching that
without a lot of sake in my system. Ginjo is preferable but
Daiginjo would be teh awesome!
LurkerBold,
Why do I feel that you are plotting to be the next Big Brother?
"Quell the masses, liquidate your enemies, and change your name to
Stalin, which is Russian for "man of steel"."
Naga Sadow|1.5.09 @ 4:05PM|#
damn it all,
I am disappointed in you! If you had a chance to eat unicorn steaks
you would abscond? FOOL!!! I bet you would turn down mammoth steaks
too, huh?
Though your idea on eating politicians sounds . . . delicious.
Also, stopping using the term "soy sauce". It's called me-chung
sauce. Me-chung means "white people".
Hogan|1.5.09 @ 4:05PM|#
I dunno that I'd eat a unicorn steak, but I'm sure I'd use unicorn dog food or unicorn glue.
|1.5.09 @ 4:06PM|#
I, for one, would eat the horrible miscegenation that would result from the coupling of a squid and a scallop. Assuming they were in love and it wasn't some sort of cheap one-night-stand.
Naga Sadow|1.5.09 @ 4:06PM|#
Pro Lib,
The Musketeers reference went over my head. Though for about a year
I wore a name tag that stated my name was Aramis.
|1.5.09 @ 4:15PM|#
joe,
And, yes, Leon is yet another Clinton retread. Not sure what his
relevant experience is, other than doing lots of government stuff.
He's more a money guy, though I guess Chief of Staff could be
viewed as some sort of generic administrative position.
Tyler|1.5.09 @ 4:20PM|#
After the worker's revolution, high quality sushi will be
distributed to all the millworkers. Of course, millworking will be
the only job besides all the fishing (which will take a while since
it's gotta be green) and sushi preparing.
Oh yeah, and by "millworking" I mean turning generators for
electricity. It's green, ya know. Gotta break that oil
addiction.
Millworking and government grade raw fish. Can't wait for the
revolution.
|1.5.09 @ 4:21PM|#
He hasn't tortured anyone. Or agured in favor of torturing
anyone. Or pretended that coming up with a cutesy name for an act
of torture means it isn't torture.
So...there's that.
LurkerBold|1.5.09 @ 4:23PM|#
I was actually thinking French aristocracy around the time
of the Three Musketeers.
Thank goodness that set of snobs was beheaded. We need to be more
like France.
|1.5.09 @ 4:23PM|#
Well we may not have hit "peak oil" just yet, but it looks like we may have hit "peak tuna".
|1.5.09 @ 4:26PM|#
You assume the troll supply is finite, which, given our current state of affairs, is not a very sound assumption.
|1.5.09 @ 4:27PM|#
I don't know about that--the OMB head has extraordinary powers.
And I hear that he craves the bluefin sushi, the robber
baron.
I have no real opinion about this one. I'm trying to remember
Panetta in Congress, but I don't recall anything overly good or
bad. I'm sure someone will refresh my recollection.
Note: The Three Musketeers was set well in advance of the
Revolution. Like over 150 years earlier.
LurkerBold|1.5.09 @ 4:28PM|#
Pro,
So it took a little longer for the French to develop their advanced
system of government as we can see today.
|1.5.09 @ 4:29PM|#
"""And, yes, Leon is yet another Clinton retread. Not sure what
his relevant experience is, other than doing lots of government
stuff."""
He was good at keeping his mouth shut about where the bodies are
buried?
|1.5.09 @ 4:31PM|#
RC, I'd like to hear your groudbreaking theory of why a commons issue can't create a market failure. It's kinda econ 101. Are you calculating the optimum level of tuna extraction using libertarianomics, where externalities don't exist and even if they do we shouldn't try to capture them in any way?
|1.5.09 @ 4:33PM|#
TrickyVic,
Well, that may prove useful to this administration if Obama is, in
fact, a true Chicagoan.
LurkerBold,
Okay, so who are you, really? I like to blame thoreau for all
pre-unmasked fake trolls, though I was proven wrong in the Neil
unveiling.
|1.5.09 @ 4:44PM|#
I'm not saying there's no more troll out there. Clearly, there
is.
I'm just saying we're seeing steadily diminishing returns from
greater and greater effort.
The Angry Optimist|1.5.09 @ 4:45PM|#
Jack - if there were designated property rights, as opposed to a commons, a Coasean solution would emerge.
|1.5.09 @ 4:50PM|#
Different Angry Optimist:
A commons is the absence of property rights, and hence, of the
market (there can be no market without property, after all).
Resource depletion in a commons cannot be called a market failure,
because the market could not, by definition, have had anything to
do with it.
Kind of like arguing that Brett Favre is a bad quarterback because
he doesn't have any strikeouts.
|1.5.09 @ 4:51PM|#
Nigel Watt | January 5, 2009, 3:20pm | #
A good tuna steak is the greatest food on Earth.
Quoted for truthfulness
|1.5.09 @ 4:52PM|#
A commons is the absence of property rights,
That's not quite right. There are property rights in the fishing
boats/sheep. There are property rights in the fish once
caught.
The Tragedy of the Commons is generally introduced as an example of
market failure.
|1.5.09 @ 4:56PM|#
I like to blame thoreau for all pre-unmasked fake trolls,
though I was proven wrong in the Neil unveiling.
Really? Who was Neal?
Trolls I know of:
Lonewhacko/OLS/24Ahead
Edward/Lefiti (Concerned Observer?)
I was thinking SIV might be "no 1 u no"
If Neal= TallDave, that is uninteresting.
If it turns out to be Jen, or Dr T, or joe, that would be
interesting.
Jen slips up when she uses fake names though.
Boston|1.5.09 @ 5:00PM|#
Neil was Cesar.
You know i hear this over and over again. Do we have proof of that?
Or is it really just an assumption thats kind of become the
truth.
|1.5.09 @ 5:03PM|#
Other tuna, that is not quite so good;
http://www.hollywoodtuna.com/
(I would hyperlink it or whatever, but I am not on my computer)
Kolohe|1.5.09 @ 5:04PM|#
Do we have proof of that?
Jesse Walker wrote that they had the same IP address.
Unless... that's only what he wanted us to think.
|1.5.09 @ 5:07PM|#
as much as I didn't new him, i never knew him either.
So I am downloading firefox onto this not mine laptop.
So was Ceasar like a regular, or did he have crazy views?
Kolohe|1.5.09 @ 5:08PM|#
That's not quite right. There are property rights in the
fishing boats/sheep. There are property rights in the fish once
caught.
Yes, but there are no property rights in the ocean/pasture - the
part specifically that is held in common. Hence, the name "the
Commons".
|1.5.09 @ 5:12PM|#
So was Ceasar like a regular, or did he have crazy
views?
Lol.
No crazy views here!
Kolohe,
Right, but that wasn't in dispute. The question was, is the Tragedy
of the Commons a market failure. RC argued that it couldn't be,
because there was no market, because there were no property rights.
Of course, we have a market in fish, and property rights in fishing
fleets and their catch.
|1.5.09 @ 5:18PM|#
I am an awesome troll when I choose to be. H&R you get trolled someday somehow, bwhahahhahahhahhahhahahhahhahhahha! ha!
|1.5.09 @ 5:34PM|#
The Tragedy of the Commons is generally introduced as an
example of market failure.
If by "market failure" you mean "failure of a market to come into
existence", then sure. If you mean "failure of the market system to
produce a tolerable outcome", then not so much.
While there are indeed markets in resources (the fish) once
extracted from a commons (the ocean), that is not the market that
is supposed to be failing, here. Those markets are working quite
well, thanks.
What is failing to produce a tolerable outcome here is the commons,
not a market, and a commons is not a market.
DannyK|1.5.09 @ 5:40PM|#
It's amazing that KMW could write an entire article about bluefin tuna without even alluding to the extreme overfishing of bluefin. What kind of a journalist does that?
|1.5.09 @ 5:44PM|#
RC,
From www.wikipedia.org/wiki/Market_failure
Market failure
From Wikipedia, the free encyclopedia
Jump to: navigation, search
In economics, a market failure is a situation wherein the
allocation of production or use of goods and services by the free
market is not efficient. Market failures can be viewed as scenarios
where individuals' pursuit of pure self-interest leads to results
that can be improved upon from the societal point-of-view.[1] The
first known use of the term by economists was in 1958,[2] but the
concept has been traced back to the Victorian philosopher Henry
Sidgwick.[3]
Market failure is often used as a justification for government
intervention in free markets.[4] Economists, especially
microeconomists, use many different models and theorems to analyze
the causes of market failure, and possible means to correct such a
failure when it occurs.[5] Such analysis plays an important role in
many types of public policy decisions and studies. However, some
types of government policy interventions, such as taxes, subsidies,
bailouts, wage and price controls, and regulations, including
attempts to correct market failure, may also lead to an inefficient
allocation of resources, which has been called government
failure.[6] Thus, there is often a choice between imperfect
outcomes, i.e. imperfect market outcomes and imperfect government
outcomes.
Contents [hide]
1 Causes
2 Interpretations and policy
3 Objections
3.1 Public choice
3.2 Austrian
3.3 Marxian
4 See also
5 References
6 External links
[edit] Causes
See also: public goods, monopoly, monopsony, oligopoly, and
externality
According to mainstream economic analysis, a market failure
(relative to Pareto efficiency) can occur for three main
reasons.[1]
First, an agent in a market can gain market power, allowing them to
block other mutually beneficial gains from trade from occurring.
This can lead to inefficiency due to imperfect competition, which
can take many different forms, such as monopolies, monopsonies,
cartels, or monopolistic competition, if the agent does not
implement perfect price discrimination.
Second, the actions of an agent can have externalities, which are
innate to the methods of production, or other conditions important
to the market.[1]
Finally, some markets can fail due to the nature of certain
goods, or the nature of their exchange. For instance, goods can
display the attributes of public goods or common-pool
resources, while markets may have significant transaction
costs, agency problems, or informational asymmetry.[1] In general,
all of these situations can produce inefficiency, and a resulting
market failure.
|1.5.09 @ 6:00PM|#
Joe,
When you post a link, it's not necessary to also cut and paste the
text from the page you link to. In fact, it's obnoxious to do
so.
-jcr
|1.5.09 @ 6:15PM|#
joe, I know that people like to say that tragedy of the commons
type situations are market failures, but I think that is a
fundamental category error.
Because the allocation of goods that are "common pool resources" or
whatever you call it is not done in a market, by definition.
There is no property right in free-range tuna, no transferrable
blue-fin tuna fishing rights, and thus no market in blue-fin tuna
fishing rights than can fail.
The failure here is the failure of non-market systems to produce
efficient allocation of goods and services, so I think "market
failure" is a misnomer.
|1.5.09 @ 6:30PM|#
So, do Texans eat sushi, or do they continue to make "bait"
jokes? I can state authoritatively that Alabamians do eat the
sushi. I saw about fifty sushi places on my drive up through
Alabama to Tennessee last year. There are also ten thousand
independent Mexican restaurants on that same stretch of
highway(s).
Naturally, we eat it in Florida, but that's not going to surprise
anyone.
|1.5.09 @ 7:17PM|#
RC, just google "market failure definition."
Every single one of the definitions alludes to resources held in
common. Do you know why that is?
Because the case of resources held in common ownership leading to
market failure - that is, to a situation in which the market does
not produce efficient outcomes - is the textbook example of a
market failure.
It's not a case of "people like to say;" it's the definition of the
term within the field of economics. The "people" who "like to say"
that this situation is a market failure are called
"economists."
|1.5.09 @ 7:43PM|#
It's not an ideological term, RC. It's a neutral, technical term, that doesn't suggest anything one way or the other about the transcendent wonderfulness of the free market.
Logfile|1.5.09 @ 9:33PM|#
So, do Texans eat sushi, or do they continue to make "bait"
jokes? I can state authoritatively that Alabamians do eat the
sushi. I saw about fifty sushi places on my drive up through
Alabama to Tennessee last year. There are also ten thousand
independent Mexican restaurants on that same stretch of
highway(s).
Naturally, we eat it in Florida, but that's not going to surprise
anyone.
Lots of Texans eat sushi. Other Texans would claim that those
people are not Texans. I happen to be one that eats sushi.
MJ|1.5.09 @ 10:09PM|#
RC and joe are quibbling over semantics, but I think RC has the better argument. A tragedy of the commons occurs because a market in that good cannot form or is prevented from forming. A downstream markets in products made from the commons resource can exacerbate the problem, but is the cause of the tragedy is a lack of a market in the resource. I suppose a market not existing can be construed to be a "market failure", but that is not what most people think of when hearing that term.
|1.5.09 @ 10:45PM|#
Two other observations: how can you not expect a great deal of trolling in a discussion about tuna, and second, does this thread make Bill Parcells even a little nervous?
|1.5.09 @ 11:24PM|#
It's not an ideological term, RC. It's a neutral, technical
term
Come now. I half-suspect your tongue is in cheek. "Failure" has
negative connotations, last time I checked, even if the denotation
of "market failure" is supposedly value-neutral.
If you deny that it's an ideological term, then let's agree to call
it, say, a "common ownership catastrophe", and then we'll all just
keep in mind that it's a technical term.
Guy Montag|1.6.09 @ 12:31AM|#
Neil was Cesar [sic] (try Caesar). As pointed out
above, JW outed that one as Neil.
joe, as usual, is talking out his hat about the commons and RCD
kindly gives joe his hat while refraining to mention that joe's
mother smells of elderberries. Sort of like talking to poetry
dweebs about real property vs. personal
property.
PL, why not just behead the autonomous collective wretched anarcho
singularist communist old woman 37 yo man with your
sword and be done with it? If some strange woman laying in a pond
tosses that sword at you by G_d you should use it!
Ooops, you said it was french. Perhaps a sword of metal next
time?
BTW, Tenneeseeans eat sushi too, I had a load for lunch AND for
dinner. Dinner was topped with quite cheap red wine.
I suspect that this LB fellow weighs the same as a duck, just like
joe. Perhaps a bridge should be made out of him?
|1.6.09 @ 4:08AM|#
i had 69 with the little mermaid once and i can still smell the
tuna.
the reference upthread to squid/scallop miscegenation reminded me
of an even more bizarre instance:
http://itre.cis.upenn.edu/~myl/languagelog/archives/003568.html
|1.6.09 @ 4:35AM|#
...the American concept of tuna-the white, flaky stuff in
cans-had no place for the rich, red flesh of the 600-pound
creatures being caught in the cold water of the
Atlantic.
Sorry, Charlie...
mark|1.6.09 @ 7:36AM|#
bruce,
I might as well add on this
hilarious link. Engrish is fun!
juris,
He's not being pedantic. He was responding to RC throwing around
superlatives like "oxymoron of the year" and then holding his
(reasonable, just not on reason) position.
|1.6.09 @ 9:12AM|#
This thread is a fine illustration of the difference between
people who are familiar with the discipline of economics, and
people who shout "You need to take Econ 101" in political
arguments.
Market Failure: google it. It has an actual definition. It's not
some made up term like "common ownership catastrophe."
This is really easy, people. There's this thing called the Google.
You can enter a term, like "market failure definition," and these
things called links come up. On the first page, some of them will
go to dicitonary sites. Some of them will to go to econ sites. All
of them will to go to sites that identify the commons problem as an
example of a market failure.
This isn't a matter of opinion, or inductive reasoning, or figuring
out what the term means by looking at the individual words. There
is already an established definition of the term "market failure,"
and the commons problem is universally called out as one of the
most common examples.
Even in the Econ 101 text books.
Warty|1.6.09 @ 10:26AM|#
Oh yeah, and by "millworking" I mean turning generators for
electricity. It's green, ya know. Gotta break that oil
addiction.
Are you suggesting we put them on Wheels of Pain? Good idea, and
after they get all huge from it, we can sell them to guys who need
pitfighters. Crom!
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