Economists have long recognized that certainty of contract is essential to a healthy economy. Long-term forward contracts, in particular, help reduce financial risk. Those contracts can only accomplish that goal, however, if parties know the contracts will be enforced. From an economic and...

Natural resources have been studied by economists from the earliest days of the profession. They have been seen as providing the basis for national prosperity, power, and wealth. The ability to harness energy in new ways has been recognized as a major, if not the major, factor underlying the...