In the early twentieth century, L.A. purchased water rights by buying up farmland and conveying the water back to L.A. These purchases created a legacy of distrust and suspicion, as people began to view the trades as theft. Gary Libecap takes a second look at the L.A.-Owens Valley transfers.
A new paper challenges conventional wisdom about the role of business in environmental issues. Written primarily for business executives, it offers new ideas for addressing environmental challenges while keeping a principled commitment to market competition, consumer choice, and innovation.