The Fungibility of Wetlands

"Fungible" means "of such a kind or nature that one party may be used in place of another equal part in the satisfaction of an obligation." Resources that would score high on a fungibility index include pork hocks, winter feed corn, and lawyers schooled at Yale. Resources that would barely score on the index include dogs, Italian dinners--and wetlands. Even very similar resources can have wildly different values if they are in different locations, a fact lost in the no net loss debate.