The federal government owns one-third of the nation's land, a small fraction of which is being selected and prepared for sale. Even this small amount, however, will comprise several million acres and will yield several billion dollars in revenue for the U.S. Treasury. But the President's Asset...

Using command-and-control regulation of land use to produce a public good (as opposed to preventing physical off-property harms) without compensating the landowner can be expected to produce two unintended consequences: (i) management actions by landowners to reduce the land's attractiveness for...