This paper contributes to the state of the art within fisheries economics
and management 100 years after Warming’s inaugurating 1911 article. The developments are briefly described with reference to and following Warming and are illuminated by use of a complex multi-species multi-fleet dynamic discrete-time model. The neo-classical concept of resource rent is maximized by use of various physical measures, such as fishing effort restrictions and fishing quotas, and economic measures, such as property or user rights and taxes. Although theory ranks economic measures above physical measures, in practice the difference is not necessarily big in terms of generation of resource rent. The important step forward was the introduction of catch or effort limitations compared to open access. Warming was hardly aware that the cornerstones he put down in 1911 formed the basis for the cathedral we face today.