Compensation for Regulatory Takings: An Economic Analysis With Applications (Economics of Legal Relationships, 1)

This volume deals with the "takings" issue. This is the clause in the fifth amendment of the U.S. Constitution that states that the government shall not take private property for public use without paying just compensation. It is this clause that has generated a huge amount of legal scholarship, case law and political activity in an attempt to determine exactly why sorts of government action constitute a taking. Whereas the issue seems clear when physical acquisition or property invasion are involved, confusion arises whether government action such as environmental regulations, zoning and housing codes are also classed as "takings". The aim of this book is to examine the distinction between compensable and non-compensable government actions, to propose a theory for defining a rule for when loss in value warrants compensation. Issues raised in the book such as environmental protection, mining regulation, land use, capitalization and historic landmarks are undoubtedly issues of great contemporary and international significance.