Professor Rögnvaldur Hannesson's influence on the development and history of fisheries economics is unquestionable. Also, he has strongly pointed out the potential gains from a more active use of fisheries economics in fisheries management. In light of this, one may ask if fisheries economists have spent too much time on fundamentals in fisheries economics at the expense of the development of applicable models for fisheries managers? Of course, this question is relevant only IF fisheries economics and fisheries economists have a role to play in fisheries management.