Competing for the Rental Value of Federal Land: The Assignment of Use Rights and Their Regulation

Growth of the governmental regulation of economic activities since the depression is normally associated with industrial produc- tion.’ Indeed, pollution controls, work-safety requirements, and antitrust actions have recently been cited as contributing to declin- ing productivity and sluggish business investment. Of central con- cern is the nature of bureaucratic decision making in the regulatory process: Bureaucrats do not bear the full costs and benefits of their actions and, therefore, can be insensitive to the negative economic effects of their actions...