The New Resource Economics

Abstract

"Proposals to privatize portions of the public lands have been misunderstood and misrepresented by academics, politicians, and some environmentalists. The confusion and ignorance about the new resource economics (NRE), which incorporates concepts about the tragedy of the cannons, the role of government, the importance of voluntary association, and the function of property rights, have distorted explanations of the implications of privatization. Our purpose is to provide understanding and to correct mispresentations by explaining the NRE. We argue that there are firm theoretical and empirical justifications for claiming that private management of many of the lands currently held by the federal government will more efficiently and equitably meet the needs and wants of the American people."