Surpassing other natural resource and environmental economics texts available today, this completely updated version of Alan Randall’s classic Resource Economics provides strong connections between environmental problems, economic theory and the techniques used to evaluate alternative solutions and practical public policy options for sustaining environmental longevity. This book provides a rigorous but very readable introduction to economics theory before delving into the relationship between economic growth and the primary natural resource and environmental problems associated with this growth, namely scarcity and environmental degradation. The text offers both classic and new economic solutions to the vexing contemporary natural resource and environmental problems that nations worldwide are combating.

This thoroughly revised edition of Resource Economics analyzes ecosystem goods and services used in economic production and consumption, and examines how human activity can degrade these goods and services. Further, the book offers concrete suggestions regarding what to do when markets fail to meet efficiency and/or equity goals when allocating natural resources and environmental services. Each chapter concludes with questions for discussion and a suggested readings section including lists of classic and contemporary material related to the chapter’s topics, which instructors will find especially helpful. This text will reach a whole new generation of readers by virtue of its updated material, examples and emphasis on an integrated approach to resource and environmental policy linking economics, ecology, and ethics.

Though accessible to all, this book is ideally suited to students of natural resource and environmental economics, ecological economics, agricultural economics, and general economics and their instructors. Additionally, natural resource, ecosystem and environmental researchers, managers, and policy-makers will find the analyses here of significant interest.

Contents: Part I: Natural Resource and Environmental Policy and Natural Resource Supply and Scarcity Part II: Microeconomic Theory Foundations for Production and Consumption Part III: Economic Theory and Institutions for Public Policy Part IV: Measuring and Comparing Benefits and Costs of Natural Resource and Environmental Policy and Projects Part V: Optimal Management of Nonrenewable and Renewable Resources Part VI: The Economics of Air, Land and Water Resource Use and Policy Part VII: Environmental Ethics, Resource Conservation and Sustainability and the Future