The Economics of Forestry: Modern Theory and Practice - Hardcover

Hardcover

ISBN 10: 070993145X ISBN 13: 9780709931454

Verlag: Kluwer Academic Publishers, 1988

Über diesen Titel

Reseña del editor:

The economics of forestry has always fascinated me as one of the most brain-taxing cases in economics. As an investment forestry is different from many other projects as it has unusually long gestation periods. For example, in the United Kingdom it takes over 40 years to grow coniferous and over 100 years for deciduous timber. These long gestation periods make it very clear how import­ ant are the magnitude of the discount rate and the method of discounting in the evaluation of investment projects. Any errors in these will misguide investors in forestry one way or the other. In addition, forestry redistributes income between gener­ ations. Its long gestation periods make it obvious that more than one generation will be involved in any venture. When we plant trees we know that the bulk of the benefits will be captured by future generations. Conversely, when we fell trees we reap the benefit of projects which were established in the past, mostly by generations who are long gone. So far most economists have devoted their time and energy to analysing income distribution in an intragenerational context, and this is a very sensitive and controversial issue. After all, most revolutions have taken place because of the uneven income distribution which was oppressive for the majority. Forestry helps us to study the case from the viewpoint of different generations. Forestry necessitates estimating timber prices a long time ahead.

Reseña del editor:

Forestry is a particularly challenging subject for economists, because compared with other investments it has unusually long gestation periods. It may take over 40 years to grow coniferous and over a 100 years to grow deciduous timber. This means that first, the magnitude of the discount rate and the methods of discounting are very important in the evaluation of investment projects. Secondly, forestry redistributes income between generations, and thirdly it is necessary to estimate timber prices a long time ahead. This book concentrates on these first two aspects of the economics of forestry. While detailed case material is presented from the United Kingdom and Ireland, comparisons and relevant data are also reviewed on an international basis. The author presents an original theory of discounting, based on his work in public sector economics, which may have applications in other areas of economics.

Über diese Auflage

• Verlag: Kluwer Academic Publishers
• Erscheinungsdatum: 1988
• ISBN 10: 070993145X
• ISBN 13: 9780709931454
• Einband: Tapa dura
• Anzahl der Seiten: 198
• Herausgeber: Kula Erhun