Valuing the Future: Intergenerational Discounting, Its Problems, and a Modest Proposal
Competing theories exist for how intergenerational investment projects, such as investments related to global warming, natural resources, energy, etc., should be undertaken. In particular, there are two popular prescriptions: (1) In making intergenerational investments, policymakers should use a zero discount rate; and (2) In making intergenerational investments, policymakers should use the market rate. Neither of these prescriptions is correct. Indeed, using present-value discounting at all is extremely problematic.
Consistency Conflicts and Federalism Choice: Marine Spatial Planning Beyond the States' Territorial Seas
Offshore areas are under pressure to industrialize for renewable energy. To plan for offshore wind development, Rhode Island engaged in a marine spatial planning process that resulted in the Ocean Special Area Management Plan (O-SAMP), a regulatory invention of the Coastal Zone Management Act. Notably, the Rhode Island O-SAMP maps and plans for uses in federal waters beyond the three-mile line dividing state and fedeal jurisdiction, as well as within the state's territorial sea, posing a challenge to the boundaries of offshore federalism.
Nuts and Bolts of Marcellus Shale Drilling and Hydraulic Fracturing
Abundant, inexpensive, and lower in emissions than traditional coal power sources, natural gas is expected to play an enormous role in our energy future. Although the drilling technique of hydraulic fracturing or "fracking" has made it possible to extract natural gas from "plays," such as the Marcellus Shale Play, some members of the public have become increasingly concerned about problems alleged to be associated with fracking and drilling, such as groundwater contamination and air pollution.