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Land management in the Conata Basin: a free market approach

Joseph Bahun (Economics Department, George Mason University, Fairfax, Virginia, USA)
Walter E. Block (Department of Economics, Loyola University, New Orleans, Louisiana, USA)

Humanomics

ISSN: 0828-8666

Article publication date: 9 February 2015

Abstract

Purpose

The purpose of this paper is to demonstrate the viability of free market environmentalism. This is the philosophy that has as its basic premise the view that laissez faire capitalism and concomitant private property rights, far from being an impediment to the well-functioning of the environment, are actually the last best hope for this desiderata.

Design/methodology/approach

The prairie dog and the ferret are not the species usually associated with concern over endangerment. Typically, it is the whale, the elephant and the rhino that are subjected to such an analysis. The authors approach this issue through the “eyeglasses” of the economist who sees value in our free enterprise institutions.

Findings

The authors found that the tragedy of the commons works in this case as it does in all other relevant venues: if land is not privately held, but rather open to all, a tragedy occurs: there is economics misallocation and a too swift use of resources compared to the optimal situation.

Originality/value

The authors know of no other examination of the prairie dog and the ferret in the Conata Basin. This is an important case in point in amassing evidence of the workings of the private property system vis-à-vis the environment.

Keywords

Citation

Bahun, J. and Block, W.E. (2015), "Land management in the Conata Basin: a free market approach", Humanomics, Vol. 31 No. 1, pp. 2-17. https://doi.org/10.1108/H-08-2013-0054

Publisher

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Emerald Group Publishing Limited

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