Letters of marque 

After Navy SEALs rescued a ship captain from Somali pirates, Ron Paul has suggested that the US government put the free market to work by issuing letters of marque, which are essentially contracts for seafaring mercenaries whereby the recipients get to keep whatever loot they capture from enemies.

I doubt that hiring privateers will make that much of a difference; I bring it up mostly because it reminds me of Sid Meier's PIRATES!, a classic computer game from the 1980s (which has since been remade for more modern platforms).

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Lol! My brother bought me the newer version of the game for my b-day. Totally ruined my gpa...

But yeah, I remember you mentioned the tried and true method of doing well in that game: ransacking Panama and Havana.

I wonder how long it is before someone makes a modern pirate game, ala Grand Theft Auto...

As for the economics based approach, the problem is that until the pirates are successful, they don't have anything worth attacking over.

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