The economics of Antarctica is a matter that has waxed and waned over the centuries. Whether it has been the economics of whaling in the Southern Ocean in the nineteenth century, the potential economic gain associated with exploration in the early part of the twentieth century, or more recently the economics of fishing for krill, tourism, or development of a mining industry on the continent, there has always been an economic component to Antarctic activity. Other than the histories of the whaling industry, however, a scholarly economic analysis of Antarctica has rarely been undertaken. Bernard Herber, Professor Emeritus of Economics at the University of Arizona, has been an exception to the general rule and in a number of offerings during the past 20 years has sought to give an economist's perspective on Antarctica, particularly at it may apply to environmental protection and management. Herber's latest offering is a short monograph produced in booklet form, which traverses some familiar ground to anyone having been engaged in contemporary Antarctic affairs, but also raises some important questions for the future.

Herber's economic analysis characterises the public and private goods in Antarctica, and what may also be considered part of the commons. The principal identifiable public goods are how peace has been maintained in Antarctica, especially important given the Antarctic Treaty was concluded in the midst of the cold war, and how the treaty has promoted the freedom of scientific research. The global community has enjoyed collective benefits from these activities not only as a result of the maintenance of regional peace and security, but also through global scientific research benefits into matters such as climate change. Private goods are identified as fishing and tourism. Marine living resource extraction has a long Antarctic history, beginning with seals before moving to whales and more recently krill and other commercial fish stocks. All of these activities are now under various forms of international regulation and control, ranging from the Convention for the Conservation of Antarctic Marine Living Resources (CCAMLR) to the International Convention for the Regulation of Whaling. Likewise, Antarctic tourism, which commenced in the 1960s, has steadily grown to such an extent that sea-borne Antarctic cruises have entered the tourist mainstream. These public and private goods are contrasted with Antarctica as a commons that follows from the absence of recognised and/or enforceable property rights to natural resources or to information.

These economic characteristics are assessed against the reality of Antarctica's management framework, which increasingly has taken on a strong environmental focus, culminating in the 1991 Protocol on Environmental Protection to the Antarctic Treaty and its accompanying Annexes. Yet parallel with these developments are signs that the claimant states are perhaps positioning themselves for whatever economic benefits they may be able to enjoy in the future. Any close observer of events in the sub-Antarctic would be well aware of the lengths to which some states have gone to protect their economic interests, especially in respect of marine living resources. Australia, France, New Zealand, and South Africa have all been proactive in seeking to deal with illegal Southern Ocean fishing, which has significant economic repercussions for national fishing industries. The manifestation of these economic interests is also apparent on the continent and adjoining waters. Australia's assertion of an extended continental shelf offshore the Australian Antarctic Territory, and New Zealand's reservation of its position with respect to the continental shelf offshore the Ross Dependency are clear examples of pre-positioning by claimant states to reap future economic gain once Southern Ocean oil and gas become economically viable. Likewise, Japan's continued insistence of a right to undertake ‘scientific whaling’ in the Southern Ocean and its objection to the Southern Ocean Whale Sanctuary also suggest a future desire to exploit at even greater levels Antarctic whale stocks.

Herber explores some options for addressing these emerging economic issues. It is suggested that a separate tourism convention or an additional annex to the Madrid Protocol may go some way to addressing the raft of issues arising from increased tourist activities. However, there is a failure to recognise other issues that will impact upon Antarctica but that have traditionally fallen outside of the ATS agenda. Whaling is the most obvious issue, and one in which the ATS has traditionally been prepared to cede its role to the International Whaling Commission; however, there are also issues arising from increased shipping through the Southern Ocean and greater use being made of the polar air route for commercial aircraft. In short, whilst Herber understandably directs his attention to the challenges confronting the ATS, the reality is that there are many other international organisations that have a mandate over Antarctic matters, and the decisions they make may ultimately prove to be just as significant for the future of the Antarctic environment.