Most economic activity has externalities for commons, a major market failure. Environmental regulation is a more cost-effective solution than torts, whether it is accomplished by permits, laws, or community governance.
- How the US stopped its fisheries from collapsing [More...]
- Fishing regulations do work to end the overfishing tragedy of the commons. Where governments step in, the fish stocks recover.
- The housing-market impacts of shale-gas development [More...]
- "... fracking is controversial due to the local externalities it creates – particularly because of the potential for groundwater contamination. This column presents evidence on the size of these externalities from a recent study of house prices. The effect attributable to groundwater contamination risk varies from 10% to 22% of the value of the house, depending on its distance from the shale gas well.
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