In the Wall Street Journal, Gary Libecap and Robert Glennon discuss the West's outdated water laws. A policy overhaul, they argue, would allow efficient water markets and reward conservation.
Some of our most beautiful and amazing species of fish are at risk for extinction. Here’s how we can save them.
Originally appeared in Defining Ideas: A Hoover Institute Journal on February 9, 2011
Property rights and markets as solutions to resource and environmental problems.
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.
Terry Anderson, Gary Libecap
Where water markets are being allowed to work, prices reflect scarcity and trades provide incentives to conserve.
Property rights and the public trust doctrine in environmental protection and natural resource conservationGary Libecap
By Jedidiah Brewer and Gary D. Libecap