It is my great honor to deliver the Earl F. Nelson lecture for the year 2007. I have never met Mr. Nelson, but I have looked at the roster of distinguished people who have spoken in this lecture series, and I am pleased to have my name added to such an august list. I would also like to add my tribute to Dale Whitman, to whom this Conference has been dedicated. I regard him as a one-man version of Mr. Inside and Mr. Outside, a reference to - for those of you who remember - the old Army teams from the 1940s that sported a backfield with Glenn Davis and Doc Blanchard. In our context, the inside guy is the master of private law, in Dale's case mainly the law of mortgages. The outside guy is the master of public law, who knows a great deal about takings, eminent domain and state regulation. I mention Dale's combination of talents not only because they are relevant to his very distinguished career, but also because they are relevant to the problem that I shall tackle in this lecture: how to identify and then solve the exactions problem.

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