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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br />" <br /> <br />In short, these are instances in which the marketplace is <br />unable to fully account for all of the values associated with <br />different uses of Colorado's water resources. In the jargon of <br />economists. "externalities" cause "failures" in the marketplace. <br /> <br />While Colorado has adopted certain policies in response to <br />these circumstances. there is a wide divergence of opinion and <br />intense pUblic debate about whether these policies are adequate <br />and complete. Furthermore. the federal government has, with <br />increasing frequency. implemented programs which can affect the <br />exercise of water rights and the use of the state's water <br />resources. The proper relationship between the state's laws <br />and pOlicies and this overlay of federal requirements, and how <br />the state should respond to those federal requirements, is also <br />an intensely debated topic. <br /> <br />In the Board's view. the discussion of these issues has <br />been fragmented and unfocused--even ill-informed. The debate <br />is laced with buzz words that mean different things to <br />different people, with confused analyses which mix the ends to <br />be achieved with the means of aChieving those ends, and with <br />misunderstandings and misconceptions about Colorado's current <br />laws and policies. Whatever one's point of view about these <br />issues. Colorado clearly has yet to reach a consensus on how <br />they should be addressed. <br /> <br />The Board believes that bringing these issues into <br />perspective and providing an informed framework for their <br />further discussion would be time well spent. The Board <br />therefore recommends that the HJR 1001 study be devoted to this <br />category of issues. <br /> <br />-7- <br />