The Discourse of Blue Economy Definitions, Measurements, and Theories: Implications for Strengthening Academic Research and Industry Practice

Abstract

This chapter discusses the definitions, measurements, and theories of the blue economy for strengthening academic research and industry practice. A critical literature review provided four insights. First, the definition of the blue economy connotes a responsible utilisation, management, conservation, and preservation of the ocean in a manner that aligns with triple themes of sustainable development. Second, the best measurement of the blue economy is the coastal governance index (CGI) that has 24 indicators and 43 subindicators. Third, the prospects of the blue economy include the creation of sustainable ocean industrialization, boosts for traditional industries, new employment opportunities, food and nutritional security through aquaculture, a boost for SDGs, and improved economic growth, among others. The challenges of a blue economy include lack of national legislation and protocols on ocean economic activities, threats of overuse of ocean and its resources, sea pollution, ocean security, and international conflicts on maritime delineations. The chapter concludes with implications.