I provide a selected survey of the literature on the effects of climate change on the biophysics and ecology of marine ecosystems and the fisheries that depend on them. First, I discuss the effects of warming, ocean acidification and deoxygenation on marine life. Second, I describe how the projected changes in the biophysics of the ocean is likely to affect the economics and management of ocean fisheries.
We present the first joint analysis of the ecological−financial deficits of nations and develop a simple index, the Eco2 index, which is useful in ranking the combined ecological and financial performance of countries. This index includes information on ecological and financial deficits, trade surplus and gross domestic product (GDP) to evaluate the potential impacts of eco- logical deficits on the overall economic performance of countries. Results show an ongoing trend towards increased ecological deficits, as natural resources are ‘traded’ for financial gain. We argue that countries cannot run large financial deficits forever without negative economic consequences and that globally, it is likewise impossible to ignore our global ecological deficit in the long run. Ecological deficits can only be temporarily and partially addressed by incurring financial costs through imports, bounded by available resource surpluses of other nations and the fact that some of these services are place-specific. Ultimately, ecological deficits jeopardize ecosystem functions, energy sources and the food security of nations, with direct implications for human well-being.