Externalities, Conflict, and Offshore Lands
Resolution Through the Institutions of Private Property
By John Brätland
Oil leaks and spills are the most visible externality associated with offshore development, but public policy must also take into account another type of negative externality: cost-shifting through the political process (such as when environmentalists successfully lobby to ban offshore oil drilling). Fortunately, both environmental and political externalities can be resolved through the often-neglected institution of private-property rights.
|Other Independent Review articles by John Brätland|
|Summer 2010||Capital Concepts as Insights into the Maintenance and Neglect of Infrastructure|
|Winter 2007/08||Resource Exhaustibility:A Myth Refuted by Entrepreneurial Capital Maintenance|