Question

Explain why riparian rules that were efficient in pre-industrial England and colonial America might have been insufficient after the industrial revolution. In discussing efficiency, consider both allocative efficiency and transaction costs.

Answer 1

Answer:

Explanation:

During the preindustrial england ruled stopped private ownership of water rights. The owner of the water rights were not allowed to be selling the rights to this water to non-riparians or diminishing the stream. Others that who are on the river had a de facto veto on how water is supposed to be used. The employment of water was most likely fairly limited in pre-industrial England, used only for drinking and bathing. Water was non-rival, and its supply for the public was enough, and as the society grows, the uses of water were rapidly changing at a similar pace to the industries. It even got worse to the point where there was not enough water for everyone.