Much of the improvement in living standards in developed and developing countries is attributable to the exploitation of nonrenewable and renewable resources. The problem is to know when the exploitation occurs at rates and with technologies that are sustainable. If the technologies used are not...

“Grandfathering” grants preferential treatment to existing polluters and resource users over new entrants based on prior use. It typically is justified as a doctrine to appease incumbents when passing costly regulations. It is based on conceptions of first-in-time or prior appropriation. The...