Long before the EPA was a glint in anyone's eye, property rights were dealing with pollution issues. Watch as PERC's Terry Anderson discusses free market solutions to pollution and other environmental conflicts with John Stossel on Fox Business Network.
Focusing on externalities distracts economists from understanding how bargaining can solve problems without government intervention.
As oil continues to gush from BP's Macondo well and politicians posture, it is time for us to ask why we are drilling in such risky places when there is oil available elsewhere. The answer lies in the mantra NIMBY—"not in my back yard."