Kula contends that conventional time-dependent theories in welfare economics are based on the unwarranted assumption that people live forever, an assumption that underpins the criteria for many decision-making activities and one that leads public sector policy makers to discriminate against future generations. It is seen in its most extreme in decision making on such long-term projects as nuclear power facilities, whose effects will be visited upon many future generations. How did this assumption gain currency and influence? Kula says, this oddity has been imposed by mathematical economists who now dominate the scene. Kula aggressively challenges these theories, which he alleges are untrue and unjust, provides an alternative method for discounting, and shows how its application can yield dramatically positive results. His book is thus a unique, important contribution to the theory and practice of decision making in public endeavors, intended not only for academics but equally for their practitioner colleagues in all parts of the world.

Kula corrects the conventional theory by assuming societal models in which individuals are mortal and generations overlap. From this emerges a new discounting theory which leads to outcomes that are dramatically different from the old ones. The new criterion is called modified discounting, and can be readily applied to real-life projects. In Part I, Kula lays out his theory and constructs the new decision-making method, in which public policy makers accept the proposition that all generations ought to be treated equitably. Then, in Part II, he provides five case studies to illustrate his theory, each devoted to major public activities such as nuclear waste disposal, forestry, agriculture, and urban transport, and based on experiences in the United States, the United Kingdom, and Ireland.

There is a growing international interest in and concern about natural resource economics and the environment. The economic activities of humans, during the last 200 years in particular, have had a profound impact on the environment. Reckless depletion of the world's forest resources, fish stocks and fossil fuel deposits has raised many moral as well as political questions. Furthermore, environmental problems such as acid rain, the greenhouse effect of atmospheric pollution and destruction of the earth's ozone layer are causing wide concern internationally. This book looks in detail at the history of economic though on natural resources and the environment, the economics of fisheries, forestry, mining, petroleum, coal and natural gas deposits, there are also chapters devoted to environmental degradation and the economics of the world's natural wonders. A key element in the book's contents is the application of the author's own theory of modified discounting to specific examples of natural resource depletion. "Economics of natural resources" and the environment provides information, detailed analyses, projections and theories which are relevant to the work of environmental scientists, agricultural economists, fisheries scientists, marine biologists and managers in the forestry, fishing mining and petroleum industries.

This volume presents the ideas of major figures in economics throughout history on key environmental issues such as population growth, resource scarcity and environmental contamination. Throughout, the historical roots of current debates are explored with empirical case studies illustrating the link between theory and practice. The final chapters look at current ideas on sustainability, and ethical and spiritual dimensions of humanity's relationship with the environment.
Providing fascinating insight into the development of environmental economic thought, this volume will be of great interest to students and researchers in the history of economic thought and environmental economics.

This volume presents the ideas of major figures in economics throughout history on key environmental issues such as population growth, resource scarcity and environmental contamination. Discussion begins with the early days, the Roman Empire, mercantilists, physiocrats, liberals and Adam Smith, and progresses to explore the views of Ricards, Socialism, and the Interventionist School. Throughout, the historical roots of current debates are explored, with empirical case studies illustrating the link between theory and practice. The final chapters look at current ideas on sustainability, and ethical and spiritual dimensions of humanity's relationship with the environment. Providing insight into the development of environmental economic thought throughout history, this volume should be of interest to students and researchers in the history of economic thought and environmental economcs.

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."