This book is intended for undergraduate forestry students, but practicing foresters andpolicy analysts will also fi nd it a useful reference. The text emphasizes economics asa way of thinking in which we compare added costs and benefi ts of actions in order tomaximize net benefi ts. With the basics of capital theory, readers learn how to evaluateforestry investments in a way that embraces important environmental factors. Anotherkey feature is a focus on analyzing current confl icts and...
More DescriptionThis book is intended for undergraduate forestry students, but practicing foresters andpolicy analysts will also fi nd it a useful reference. The text emphasizes economics asa way of thinking in which we compare added costs and benefi ts of actions in order tomaximize net benefi ts. With the basics of capital theory, readers learn how to evaluateforestry investments in a way that embraces important environmental factors. Anotherkey feature is a focus on analyzing current confl icts and tradeoffs that will continue tobe prominent forestry issues in the 21st century: free market policies versus differentlevels of government intervention, economic development versus environmentalconservation, private property rights versus public amenity rights, and timber versusnon-timber outputs. This text also addresses additional topics not often found in otherforest economic books including: economics of non-clearcutting management systems,economics of forest damage, risk analysis, infl ation, environmental economics, capitalbudgeting, and regional economics. Add to this a micro-economics review, multipleuseand non-market good analysis, optimal capital management, benefi t/cost analysis,timber supply and demand issues, appraisal and valuation, forest industry economics,and world forestry issues, and you have the most comprehensive forest economicstext on the market. In addition to new and updated fi gures throughout the text, thisnewly-revised second edition provides an overview of important trends in the moderntimber industry including advancements in engineered wood, international trade,global environmental issues, as well as community forestry and agroforestry.