Is the Rma Sustainable?: the Politics Of the Coase Theorem.
Planning Quarterly June 1998, p.5-8, A revised version of a keynote address to the 1998 NZPI Annual Conference, Dunedin.
Keywords: Taxation & Regulation
The Resource Management Act (RMA) is based upon numerous, often conflicting, notions. Among them was an economic analysis which derives from a theorem first proposed by Ronald Coase who received an economics prize in honour of Alfred Nobel, for this and other key insights which are the foundation of the modern subject of law and economics. The Coase theorem was important in many of the reforms of the 1980s, including the RMA. I will explain why this powerful theorem is important, how it relates to resource management and the RMA, and then I will reverse its use to obtain insights on recent attempts to reform the RMA and draw some conclusions about the role of planning.