I couldn’t pass on this article regarding a New Jersey Water Right dispute. Maybe I am missing something here, but it seems like -in the long run – it would take far less time, energy, money, and resources to:
1. clearly define water rights
AND
2. contract for the needed water.
As increasing demand runs up against a limited supply, I have a feeling this will become a reoccurring theme across the East. Does Atlanta ring a bell?
Granted, the West is not without its water rights disputes, but I also blame these issues on a lack of clearly defined rights and efficient markets. In short, which adds more value to society: a) gains from trade or b) lawsuits?
