PROPERTY RIGHTS, REGULATORY TAKING, AND COMPENSATION: IMPLICATIONS FOR ENVIRONMENTAL PROTECTION
JON H. GOLDSTEIN
WILLIAM D. WATSON
The 104th Congress considered several proposals requiring compensation for regulatory actions that diminish property values. Aimed primarily at weakening environmental protection, the bills focus on property rights independent of the public benefits from regulation. By significantly broadening the constitutional standard for compensation, the bills generate a government liability well in excess of compliance costs and thus discourage regulatory agencies from carrying out their mandates. The bills would increase transactions costs and undermine the efficient provision of environmental quality, public safety, and other public goods. Copyright 1997 Western Economic Association International.
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