PROPERTY RIGHTS, REGULATORY TAKING, AND COMPENSATION: IMPLICATIONS FOR ENVIRONMENTAL PROTECTION |
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| Authors: | JON H. GOLDSTEIN WILLIAM D. WATSON |
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| Affiliation: | Economist, Office of Policy Analysis, Department of the Interior, Washington, D.C. Phone 1-202-208-4077, Fax 1-202-208-4867 E-Mail;Associate Professor, School of Public Policy, Georgia Institute of Technology, Atlanta, Ga. Phone 1-404-894-6319, Fax 1-404-894-0535 E-Mail |
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| Abstract: | 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. |
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