Homesteading Rock: A Defense of Free Access Under the General Mining Law of 1872

Abstract

Contrary to most contemporary accounts, the authors argue that the General Mining Law of 1872 represents an institution that effectively resolves incentive problems created by government ownership of mineral resources rather than a blatant giveaway of public resources. Instead of calling for radical change in U.S. mining laws, the authors hold up the free access principle of the General Mining Law of 1872 as a model for privatization of assets whose value is unknown.

JEL Classification: K11