reduce pollution by much, either. The advantage of market-oriented environmental tools is not that they reduce

pollution by more or less, but because of their incentives and flexibility, they can achieve any desired reduction in

pollution at a lower cost to society.

A more productive policy would consider how to provide private landowners with an incentive to protect the

endangered species that they find and to provide a habitat for additional endangered species. For example, the

government might pay landowners who provide and maintain suitable habitats for endangered species or who

restrict the use of their land to protect an endangered species. Again, an environmental law built on incentives

and flexibility offers greater promise than a command-and-control approach when trying to oversee millions

of acres of privately owned land.

Applying Market-Oriented Environmental Tools
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