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102: Rights for Rivers with Erin O’Donnell

In Common

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Is the Environment Become Legible to the Market or to Us?

When I think about formalized markets of the kind we're dealing with here, there's a tension here in that what makes for a high functioning, low transaction cost market is not necessarily valuing legibility. And so markets seem to be heading towards a more extrinsic valuation of what's being traded. So it seems like we're not achieving full legibility of the environment here. Part of that is because of the market arrangements that are being used to satisfy environmental goals. But my framework shows that at the pointy end where you've got a legal person, that's the pinnacle of legibility to the law. That's the environment as subject.

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