Environmental economists’ ears prick up when they hear about conservationists buying out areas of land to protect them from logging or mining. In an economist’s ideal world, resources are used best when they go to those who will value them most, which means the highest bidder.
So it's interesting (and exciting as an environmentalist!) to hear about the purchase by Tasmanian Land Conservancy of the stunning Recherche Bay in Tasmania, which was due to be logged this year.
I've been following this story for a while and it's been full of political intrigue.
Stay tuned for some thoughts from an economic perspective.