Accounting for Mother Nature

Terry L. Anderson is the Executive Director of the Property and Environment Research Center (PERC); Senior Fellow at the Hoover Institution at Stanford University; and Professor Emeritus at Montana State University. His work with Donald Leal helped launch the idea of "free market environmentalism." Anderson is the author or editor of thirty books, including the most recent, Self-Determination The Other Path for Native Americans (2006), coedited with Bruce L. Benson and Thomas E. Flanagan. Laura E. Huggins is a research fellow and Director of Development with PERC, as well as a research fellow at the Hoover Institution. Huggins is the author, along with Terry L. Anderson, of Property Rights: A Practical Guide to Freedom and Prosperity (2003).Thomas Michael Power is Professor of Economics and Chair of the Economics Department at the University of Montana. He specializes in natural resource and environmental economics and their relationship to local and regional development. He is author of five books including Lost Landscapes and Failed Economies: The Search for Value of Place (1996) and Post-Cowboy Economics: Pay and Prosperity in the New American West (2001).

• PARTONE PERSPECTIVES ON THE WEALTH OF NATURE I. Natural Amenities and Ecosystem Services: The Need for Additional Institutional Innovation 11 BY THOMAS MICHAEL POWER 2. Maximizing the Wealth of Nature: A Property Rights Approach 33 BY TERRY L. ANDERSON PARTTWO DEVOLUTION TO FACILITATE CHANGE 3. Institutional Reform for Public Lands? 53 BY DANIEL KEMMIS 4. The State of the Parks: Enhancing or Dissipating the Wealth of Nature? 73 BY HOLLY LIPPKE FRETWELL PARTTHREE PROPERTY RIGHTS TO FACILITATE CHANGE 5. Homegrown Property Rights for the Klamath Basin 95 BY TERRY L. ANDERSON AND LAURA E. HUGGINS 6. Fishing for Wealth in Coastal Fisheries 119 BY DONALD R. LEAL 7. The Mining Landscape: Bootleggers, Baptists, and the Promised Land 143 BY ROGER E. MEINERS AND ANDREW P. MORRISS 8. The Effects of Public Funding Systems on the Success of Private Conservation Through Land Trusts 167 BY DOMINIC P. PARKER PARTFOUR MEASURING THE WEALTH OF NATURE 9. The Wealth of Nature: Costs as Well as Benefits? 195 BY F. ANDREW HANSSEN IO. Counting the Wealth of Nature: An Overview of Ecosystem Valuation 211 BY TIMOTHY FITZGERALD AND A. MYRICK FREEMAN III n1. Do Resource States Do Worse? 235 BY RONALD N. JOHNSON 12. Why Individuals Provide Public Goods 261 BY DAVID D. HADDOCK Conclusion 289 Contributors 293

"For some, using "markets" and "environment" in the same sentence is like mixing oil and water. For this group of scholars, markets and market-like institutions are potential solutions to the growing number of resource and amenity conflicts found in the American West. Accounting for Mother Nature is a great example of institutional detail and clever policy suggestions." —Doug Allen, Simon Fraser University "America's public land system is outdated and failing the West. Accounting for Mother Nature offers an insightful diagnosis and innovative ideas for public land reform. It is an important contribution to the public land policy debate." —Robert H. Nelson, University of Maryland, and author of Public Lands and Private Rights