Many ocean countries have attempted to estimate the size of the ocean economy or industry. However, it is difficult to compare the ocean economy among countries because the definition, classification standard, and scope vary within each country. This study aims to provide concrete practical proposals for universal definition, classification standard, and scope of the ocean economy. With regard to the definition of the ocean economy, a combination of industrial and geographical perspectives is considered simultaneously. As a result, the ocean economy is defined as the economic activities that directly or indirectly take place in the ocean and use outputs from the ocean, while incorporating goods and services into the ocean’s economic activities. To determine the scope of the ocean economy, nearly 50 common words are extracted from case studies of 10 ocean country accounts, and 3 characteristics of the scope of the ocean economy are inferred from them. These are “in the ocean,” “from the ocean,” and “to the ocean.” In addition, supply chain and relationships among the ocean economies are considered. According to the newly proposed definition and classification standard, 12 sectors are included in the ocean economy.
Park, Dr. Kwang Seo and Kildow, Dr. Judith T.
"Rebuilding the Classification System of the Ocean Economy,"
Journal of Ocean and Coastal Economics:
1, Article 4.