Forestry Economics introduces students and practitioners to all aspects of the management and economics of forestry. The book adopts the approach of managerial economics textbooks and applies this to the unique processes and problems faced by managers of forests. While most forestry economics books are written by economists for future economists, what many future forest and natural resource managers need is to understand what economic information is and how to use it to make better business and management decisions. John E. Wagner draws on his twenty years of experience teaching and working in the field of forest resource economics to present students with an accessible understanding of the unique production processes and problems faced by forest and other natural resource managers.
There are three unique features of this book:
- The first is its organization. The material is organized around two common economic models used in forest and natural resources management decision making.
- The second is the use of case studies from various disciplines: Outdoor and Commercial Recreation, Wood Products Engineering, Forest Products, and Forestry. The purpose of these case studies is to provide students with applications of the concepts being discussed within the text.
- The third is revisiting the question of how to use economic information to make better business decisions at the end of each chapter. This ties each chapter to the preceding ones and reinforces the hypothesis that a solid working knowledge of these economic models and the information they contain are necessary for making better business decisions.
This textbook is an invaluable source of clear and accessible information on forestry economics and management for not only economics students, but for students of other disciplines and those already working in forestry and natural resources.
Table of Contents
1. Introduction 2. Production Systems 3. Costs 4. Revenue 5. Profit 6. Supply and Demand 7. Market Equilibrium and Structure 8. Capital Theory: Investment Analysis 9. The Forest Rotation Problem 10. Capital Theory: Risk 11. Forest Taxes 12. Estimating Nonmarket Values
John E. Wagner is Professor of Forest Resource Economics at the State University of New York College of Environmental Science and Forestry in Syracuse, USA.