The first task under the Supreme Court’s three-part test for an ad hoc regulatory taking under Penn Central is to measure the “economic impact of the regulation.” Professor Steven Eagle wrote in the recent edition of his treatise Regulatory Takings that “[d]iscerning the correct measure of economic impact has been the subject of much dispute.”
Thanks to the folks at the Environmental Law Institute, who have allowed us to reprint an article from a recent Environmental Law Reporter which brings some clarity to the subject.
In Federal Circuit’s Economic Failings Undo the Penn Central Test, William W. Wade, Ph.D., a resource economist with the firm Energy and Water Economics (Columbia, Tennessee), argues:
Faulty understanding of standard economic and financial analysis within regulatory takings cases continues to set this jurisprudence apart from standard tort cases, where state of the art economic methods typically are applied within both liability and
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