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<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 /> <br />these circumstances. there is a wide divergence of opinion and <br /> <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 relations~ip between the state's laws <br /> <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 /> <br /> <br />been fragmented and unfocused--even ill-informed. The debate <br /> <br />is laced with buzz words that mean different things to <br /> <br /> <br />different people. with confused analyses which mix the ends to <br /> <br />be achieved with the means of aChieving those ends. and with <br /> <br /> <br />misunderstandings and misconceptions about Colorado's current <br /> <br />laws and policies. Whatever one's point of view about these <br /> <br /> <br />issues. Colorado clearly has yet to reach a consensus on how <br /> <br />they should be addressed III j,.j; at all. <br /> <br />.0 <br /> <br />-12- <br /> <br />~ <br /> <br />--_.- <br /> <br />. <br /> <br />. <br /> <br />. <br />