In 2008, the U.S. states and Canadian provinces adjoining the lakes negotiated the Great Lakes Compact to
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In 2008, the U.S. states and Canadian provinces adjoining the lakes negotiated the Great Lakes Compact to prevent the region’s water from being shipped or piped to arid regions. The compact also requires each state to regulate their own large-scale withdrawals from the lakes.
Is water in the Great Lakes a public good, a private good, or a common resource? What are the goals of the compact? How might they be achieved?
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In economic terms water in the Great Lakes is typically classified as a common resource Common resources are defined as goods that are rivalrous but n...View the full answer
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