Environmental economics: An Austrian approach
This thesis applies Austrian economic theory to environmental goods. It emphasizes capital, interest and entrepreneurial satisfaction of consumer demand for environmental goods. Although provision of several types of environmental goods is mentioned, the final application is to groundwater resources; Both capital and consumer environmental goods must be privately owned and freely exchanged to generate market prices that are used to determine whether capital is being maintained and whether production satisfies consumer demand. Political control wastes resources and causes conflicts. Prior appropriation is the best legal system for recognition of water property titles. Private ownership of water does not preclude cooperation. Private corporations could hire teams of hydrologists and engineers to manage aquifers for maximum shareholder value.
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