1) incentivizes unproductive land owners to sell
2) incentivizes productive land owners to seek tenants
3) generates public revenues to offset negative externalities
Could you characterise what is meant by this?
I know that achieving some objective 'X' may not be amenable to regulation which says 'you must do X'; but regulation may (in some circumstances, with sufficient thought) alter the situation's dynamics such that greedy self-interest in that environment just-so-happens to coincide with causing 'X'.
What better alternatives are there to "top down control"; do you mean a "vote with your wallet" sort of 'bottom up' pressure?
p.s. Team of Teams (book) does a great job flying to decentralized flag.
However, we only see the successful emergent phenomenon, not the failed ones. Also, to this day we can not make accurate predictions of inherently chaotic systems.
So, while a bottom up sysytem may optimize, exactly whatt it optimizes is impossible to discern.