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The Economics of the Arctic National Wildlife Refuge

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Listed:
  • Emily Schaeffer
  • Walter Block

Abstract

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.

Suggested Citation

  • Emily Schaeffer & Walter Block, 2007. "The Economics of the Arctic National Wildlife Refuge," Energy & Environment, , vol. 18(1), pages 75-85, January.
    • Handle: RePEc:sae:engenv:v:18:y:2007:i:1:p:75-85
    DOI: 10.1260/095830507780157221
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    References listed on IDEAS

    as
    1. Block Walter, 1998. "Roads, Bridges, Sunlight and Private Property: Reply to Tullock," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 8(2-3), pages 315-326, June.
    2. Murray Rothbard, 1982. "Law, Property Rights, and Air Pollution," Cato Journal, Cato Journal, Cato Institute, vol. 2(1), pages 55-99, Spring.
    3. Donald H. Rosenthal & Robert H. Nelson, 1992. "Why existence value should not be used in cost-benefit analysis," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 11(1), pages 116-122.
    4. Murray N. Rothbard, 1997. "The Logic of Action One," Books, Edward Elgar Publishing, number 968.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Arctic National Wildlife Refuge; Bidding; Conflict resolution; Existence value; Free market environmentalism; JEL classification; K32; Markets; N5; P14; Private property;
    All these keywords.

    JEL classification:

    • K32 - Law and Economics - - Other Substantive Areas of Law - - - Energy, Environmental, Health, and Safety Law
    • N5 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries
    • P14 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Property Rights

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