We approach questions of Arctic marine resource economic development from the framework of environmental and resource economics. Shipping, fishing, oil and gas exploration and tourism are discussed as evolving industries for the Arctic. These industries are associated with a number of potential market failures which sustainable Arctic economic development must address. The varying scales of economic activity in the region range from subsistence hunting and fishing to actions by wealthy multinational firms. The ways in which interactions of such varied scales proceed will determine the economic futures of Arctic communities and the natural resources and ecosystems upon which they are based.