Cheap at sea, pricey on the plate: The voodoo of lobster economics

The Globe and Mail:

What used to be poor man’s fare, the fallback meal of people too impoverished to afford anything else, is now a billion dollar business and a universal mark of luxury – with the result that a lobster that sells for $3.50 on the wharf can cost $60 and more on a restaurant plate in New York or Toronto or Shanghai, regardless of how many lobsters are pulled from the sea. How this happens is the life story of Larry the Lobster.

As a native Nova Scotianer, lobster, both as a delicious beachside meal and an economy sustaining industry, is near and dear to me. The story of how lobster gets from the ocean floor to the dinner plate is one not many people know and the economics of it is fascinating.