Economics Of Natural Resources And The Environment Book

	Preface
1	A History of Economic Thought on Natural Resources and the Environment	1
1.1	R. T. Malthus	1
1.2	D. Ricardo	5
1.3	J. S. Mill	7
1.4	W. S. Jevons	8
1.5	A. C. Pigou and other authoritarians	10
1.6	The United States Presidential Material Commission	12
1.7	Scarcity and historic price trends for natural resources	13
1.8	The United States Bureau of Mines	16
1.9	Speculative estimates	18
1.10	The Club of Rome	19
1.11	On the brightest side	25
1.12	Pessimists and optimists	26
2	Economics of Fisheries	28
2.1	Property rights	28
2.2	Common access	30
2.3	A comparative static economic theory of fishery	32
2.4	A dynamic economic theory of fishery	40
2.5	The situation in world fishery	47
2.6	The Law of the Sea conferences	49
2.7	Fishing in the waters of the European Community	50
2.8	Some aspects of fishing in United States waters	54
2.9	Rights-based fishery management	56
3	Economics of Forestry	61
3.1	Regeneration of the forestry sector	63
3.2	Afforestation in the British Isles	70
3.3	Basic principles of cost-benefit analysis for forestry	77
3.4	A case study	80
3.5	Private sector forestry in the United Kingdom	82
3.6	A planting function for private sector forestry	88
3.7	The optimum rotation problem	95
3.8	Forestry policy in the European Community	106
3.9	Forestry in the United States	110
4	Economics of Mining, Petroleum and Natural Gas	114
4.1	Determining extraction level and resulting price path over time	118
4.2	Factors affecting depletion levels	120
4.3	Further points	125
4.4	A test of fundamental principle	128
4.5	Market structure and resource use	131
4.6	Some trends in fossil fuel use	142
5	Economics of Environmental Degradation	149
5.1	Externalities	150
5.2	The optimum level of environmental degradation	152
5.3	Methods of obtaining optimum levels of pollution	154
5.4	Public policy in the United Kingdom	155
5.5	Public policy in the United States	170
5.6	The European Community and the environment	174
5.7	International pollution	178
6	Economics of Natural Wonders	193
6.1	A theory of natural wonders	201
6.2	Demand for natural phenomena	208
7	Ordinary and Modified Discounting in Natural Resource and Environmental Policies	212
7.1	Private versus social rate of interest	213
7.2	Foundation for the choice of a social rate of discount	217
7.3	Isolation paradox	225
7.4	Ordinary discounting	229
7.5	Modified discounting versus ordinary discounting	233
7.6	The modified discounting method (MDM)	240
7.7	Debates on the modified discounting method	243
7.8	A defence of the modified discounting method	248
7.9	Some applications of the modified discounting method	252
	App. 1 Ordinary Discount Factors	264
	App. 2 Discount factors for the United Kingdom on the basis of MDM	267
	References	271
	Author Index	281
	Subject Index	284