The world’s fishing fleet is too big, and fish stocks are dwindling. Many fleets are even losing money. Yet fishing continues, fueled by government subsidies that pay fishers to stay at sea, even when they catch too little to turn a profit. Dr. Daniel Pauly spoke with his long-time colleague at the University of British Colombia, Dr. Rashid Sumaila, to discuss why perverse subsidies exist and what can be done to fix them. Sumaila, a leading fisheries economist, recently joined Pauly as a member of Oceana’s board of directors.