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The Economics of Forestry - Modern Theory and Practice (Paperback, Softcover reprint of the original 1st ed. 1988)
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The Economics of Forestry - Modern Theory and Practice (Paperback, Softcover reprint of the original 1st ed. 1988)
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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."
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