The Economics of the Arctic National Wildlife Refuge
Should the Arctic National Wildlife Refuge (ANWR) be used to drill for oil, or should this type of economic development be forbidden, in favor of protecting environmental amenities? In economics, this is a classical question of the allocation of resources, and we propose to answer it in a similar ma...
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ftrepec:oai:RePEc:sae:engenv:v:18:y:2007:i:1:p:75-85 2023-05-15T14:49:31+02:00 The Economics of the Arctic National Wildlife Refuge Emily Schaeffer Walter Block https://journals.sagepub.com/doi/10.1260/095830507780157221 unknown https://journals.sagepub.com/doi/10.1260/095830507780157221 article ftrepec 2020-12-04T13:43:56Z Should the Arctic National Wildlife Refuge (ANWR) be used to drill for oil, or should this type of economic development be forbidden, in favor of protecting environmental amenities? In economics, this is a classical question of the allocation of resources, and we propose to answer it in a similar manner in this case, even though such reasoning is not typical of debates in this field. We answer the ANWR challenge with arguments favoring solutions emerging from private property arrangements, and provide an illustrative example of markets at work. We take neither side, but urge that the free enterprise system be allowed to address the issue. It is our claim that this is a superior system, as entrepreneurs who make mistakes suffer economic penalties, and this feedback mechanism is either entirely missing in political and bureaucratic institutions, or at the very least greatly attenuated there. Arctic National Wildlife Refuge; Bidding; Conflict resolution; Existence value; Free market environmentalism; JEL classification; K32; Markets; N5; P14; Private property Article in Journal/Newspaper Arctic RePEc (Research Papers in Economics) Arctic |
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Open Polar |
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RePEc (Research Papers in Economics) |
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ftrepec |
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unknown |
description |
Should the Arctic National Wildlife Refuge (ANWR) be used to drill for oil, or should this type of economic development be forbidden, in favor of protecting environmental amenities? In economics, this is a classical question of the allocation of resources, and we propose to answer it in a similar manner in this case, even though such reasoning is not typical of debates in this field. We answer the ANWR challenge with arguments favoring solutions emerging from private property arrangements, and provide an illustrative example of markets at work. We take neither side, but urge that the free enterprise system be allowed to address the issue. It is our claim that this is a superior system, as entrepreneurs who make mistakes suffer economic penalties, and this feedback mechanism is either entirely missing in political and bureaucratic institutions, or at the very least greatly attenuated there. Arctic National Wildlife Refuge; Bidding; Conflict resolution; Existence value; Free market environmentalism; JEL classification; K32; Markets; N5; P14; Private property |
format |
Article in Journal/Newspaper |
author |
Emily Schaeffer Walter Block |
spellingShingle |
Emily Schaeffer Walter Block The Economics of the Arctic National Wildlife Refuge |
author_facet |
Emily Schaeffer Walter Block |
author_sort |
Emily Schaeffer |
title |
The Economics of the Arctic National Wildlife Refuge |
title_short |
The Economics of the Arctic National Wildlife Refuge |
title_full |
The Economics of the Arctic National Wildlife Refuge |
title_fullStr |
The Economics of the Arctic National Wildlife Refuge |
title_full_unstemmed |
The Economics of the Arctic National Wildlife Refuge |
title_sort |
economics of the arctic national wildlife refuge |
url |
https://journals.sagepub.com/doi/10.1260/095830507780157221 |
geographic |
Arctic |
geographic_facet |
Arctic |
genre |
Arctic |
genre_facet |
Arctic |
op_relation |
https://journals.sagepub.com/doi/10.1260/095830507780157221 |
_version_ |
1766320560694886400 |