'Whoever owns the soil, it's theirs up to Heaven and down to Hell." So goes the ancient common-law principle. Today, however, almost no major country recognizes full subsurface private property rights, except for the United States.
Monday, July 16, 2012
Why shale-oil drilling in the US, but not in Europe?
If you give people secure property rights, they have the incentive to move the property to its highest valued use: