An introduction to the concepts and tools of natural resource economics, including dynamic models, market failures, and institutional remedies. This introduction to natural resource economics treats resources as a type of capital; their management is an investment problem requiring forward-looking behavior within a dynamic setting. Market failures are widespread, often associated with incomplete or nonexistent property rights, complicated by policy failures. The book covers standard resource economics topics, including both the Hotelling model for nonrenewable resources and models for renewable resources. The book also includes some topics in environmental economics that overlap with natural resource economics, including climate change. The text emphasizes skills and intuition needed to think about dynamic models and institutional remedies in the presence of both market and policy failures. It presents the nuts and bolts of resource economics as applied to nonrenewable resources, including the two-period model, stock-dependent costs, and resource scarcity. The chapters on renewable resources cover such topics as property rights as an alternative to regulation, the growth function, steady states, and maximum sustainable yield, using fisheries as a concrete setting. Other, less standard, topics covered include microeconomic issues such as arbitrage and the use of discounting; policy problems including the “Green Paradox”; foundations for policy analysis when market failures are important; and taxation. Appendixes offer reviews of the relevant mathematics. The book is suitable for use by upper-level undergraduates or, with the appendixes, masters-level courses.

Introduction to Forestry and Natural Resources, Second Edition, presents a broad, completely updated overview of the profession of forestry. The book details several key fields within forestry, including forest management, economics, policy, utilization and forestry careers. Chapters deal specifically with forest regions of the world, landowners, forest products, wildlife habitats, tree anatomy and physiology, and forest disturbances and health. These topics are ideal for undergraduate introductory courses and include numerous examples and questions for students to ponder. There is also a section dedicated to forestry careers. Unlike other introductory forestry texts, which focus largely on forest ecology rather than practical forestry concepts, this book encompasses the economic, ecological and social aspects, thus providing a uniquely balanced text. The wide range of experience of the contributing authors equips them especially well to identify missing content from other texts in the area and address topics currently covered in corresponding college courses. Covers the application of forestry and natural resources around the world with a focus on practical applications and graphical examples Describes basic techniques for measuring and evaluating forest resources and natural resources, including fundamental terminology and concepts Includes management policies and their influence at the local, national and international levels