The Political Economy of Fracking: Private Property, Polycentricity, and the Shale Revolution

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Ilia Murtazashvili Ennio Piano

The Political Economy of Fracking

Private Property, Polycentricity, and the Shale Revolution

Ilia Murtazashvili, Ennio Piano

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Hardback

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English

Routledge
04 December 2018

Political economy; Petroleum & oil industries

Series: Economics in the Real World

"Over the past two decades, ""fracking"" has led to a revolution in shale gas production. For some, shale gas promised economic opportunities, cheaper energy bills, and an alternative to coal. For others, shale gas was fool’s gold. Critics contend that the shale boom has occurred in a regulatory Wild West, that the response has been fractured and ineffective, or that the harmful environmental and health consequences exceed the benefits from shale gas production.

The Political Economy of Fracking argues that the criticism of the shale revolution has been misplaced. The authors use insights from a diversity of perspectives in political economy to understand why the shale boom occurred, who won in the race for shale, and who was left behind. The book explains how private property rights and entrepreneurs led to the shale boom. It contends that polycentric governance, which encourages a diversity of regulatory responses, is a virtue because it generates knowledge about the most appropriate ways to regulate shale development. Private property rights and political institutions that provide for local self-governance also helped to ensure that the benefits of shale gas production exceeded its costs.

The authors make the case for fracking shale gas using evidence from shale-producing countries from around the world, comparing them to those that have fallen behind in the shale race. They show that private property rights and markets have been a source of innovation and dynamism and that a diversity of regulatory responses is appropriate to govern shale gas development. This book is insightful reading for academics and professionals interested in the shale boom, the fracking industry in general, and regulatory policy."

By: Ilia Murtazashvili, Ennio Piano
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 453g
ISBN: 9781138314757
ISBN 10: 1138314757
Series: Economics in the Real World
Pages: 172
Publication Date: 04 December 2018
Audience: College/higher education , Professional and scholarly , Further / Higher Education , A / AS level
Format: Hardback
Publisher's Status: Active

Ilia Murtazashvili is Associate Professor of Public Policy at the Graduate School of Public and International Affairs at the University of Pittsburgh, Pennsylvania. Ennio Piano is Ph.D. Candidate in Economics and a Graduate Fellow of the Mercatus Center and F.A. Hayek Program for Advanced Study in Politics, Philosophy, and Economics at George Mason University, Virginia.