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.
"The nation finds itself struggling with forest management systems that do not work," says Roger Sedjo, a Senior Fellow with the Washington, D.C.-based research organization Resources for the Future. "The future management of the national forests is unlikely to be smooth, because no political...