Land trusts and one of their important tools, conservation easements, are major forces in today's environmental movement. Conservation easements are partial interests in land that prohibit intense development.
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.