Natural Resource Economics: An Introduction by Barry C. Field
464 pages, $62.95 list
Instructor's Manual available
New edition coming soon!
Natural Resource Economics
An Introduction
Second Edition
People make decisions regarding the use of natural resources every day, from the individual recycling a sheet of paper to governments of large nations creating energy policy. Those decisions ultimately affect people around the world. Their motivation and results are best framed and analyzed using the tools of natural resource economics.

Field presents the methods and applications of the discipline in the latest edition of his popular text. The updated book retains its successful structure, first presenting basic economic principles as they apply to natural resource use and then examining the economic issues surrounding individual resources. New material is included on: energy demand and efficiency; nonrenewable resources; individual transferable fishing quotas; water pricing; agricultural cropland programs; and the Endangered Species Act.
“A comprehensive, well written text that has appeal in many undergraduate programs.” — Timothy Considine, Penn State University

“Very readable and informative. It is great to have a book on natural resource economics for noneconomics majors that is not so quantitative. Its extensive coverage of topics makes it easy for an instructor to pick and choose chapters to fit his/her interest.” — Molly Espey, Clemson University

“The design of the book with sections on economic building blocks and natural resource analysis coming before specific application chapters on minerals, energy, water, agriculture, etc. is a good pedagogic tool.” — N. Eric Hampton, St. Cloud State University

“For an introductory text, the book achieves the objective of being written in nontechnical terms. When technical terms are used, they are defined and examples are provided to elucidate their meanings. The book provides a clear connection between natural resource uses and the economy.” — Wesseh Wollo, Lincoln University

“Field presents all of the important topics and issues related to natural resource use, as well as a nice balance of theoretical principles and policy analysis.” — Paul M. Comolli, University of Kansas

“Extremely well done. I am especially impressed by Field’s expositions on valuation (chapter 9) and biodiversity (chapter 19) since these are difficult subjects. His discussions are clear, concise, and inclusive of important theoretical/graphical concepts.” — Renatte Adler, San Diego State University
Table of Contents

1. Important Issues in Natural Resource Economics
Natural Resource Adequacy / Socially Optimal Rates of Resource Use / Natural Resource Policy: Moving toward the Optimum / Natural Resource Accounting / Benefit-Cost Analysis in Natural Resource Economics / Land-Use Issues / International Natural Resource Issues

2. Natural Resources and the Economy
Nature and Economy / The Range of Natural Resource Services / Modeling Resource Services / Some Words about Economics / Policy and Politics


3. Willing to Pay/Demand
Willingness to Pay / Discounting

4. Costs/Supply
Opportunity Cost / Cost Curves / The Shapes of Cost Curves / Social Costs / Present Value of Cost / Costs and Technological Change / Costs and Supply

5. Efficiency and Sustainability
Static Efficiency / Dynamic (Intertemporal) Efficiency / Is It Appropriate to Discount? / Efficiency and Intergenerational Equity: The Issue of Sustainability


6. Markets and Efficiency
Market Demand and Supply / Markets and Static Social Efficiency / Markets and Intertemporal Efficiency

7. Public Policy for Natural Resources
The Objectives of Public Policy / Types of Public Policies / Private Property Rights / Government-Sponsored Incentive Policies / Direct Controls / Direct Public Production / Market Failure/Government Failure / Policy Centralization/Decentralization


8. Principles of Analysis
Impact Analysis / Cost-Effectiveness Analysis / Benefit-Cost Analysis

9. The Valuation of Natural Resources
Measuring Benefits / Active (Use) Benefits / Nonuse (Passive) Benefits / Measuring Costs


10. Mineral Economics
Geological Factors and Costs of Extraction / Extraction Economics for a Known Stock / Mineral Prices in Fact / Resource Exploration and Sustainability / U.S. Mineral Import Dependence / Other Policy Issues / The Economics of Recycling

11. Energy
Energy Use in the United States: Consumption and Prices / The Political Economy of Energy Markets / The Question of Energy Adequacy / Clean Energy / The Economics of Energy Self-Sufficiency / Energy Efficiency / Economics of CAFE Standards / Economic Issues in Electricity Deregulation

12. Forest Economics
Forest Harvest Decisions / Institutional Arrangements for Forestry / Timber Harvesting from National Forests

13. Marine Resources
Current Problems in Marine Fisheries / U.S. Fisheries Management Institutions / Modeling a Fishery / Efficient Rates of Effort / The Problem of Open Access / Approaches to Fisheries Management / Uncertainty and Fisheries Management

14. Land Economics
Social Efficiency in Land Use / Land Markets and Prices / Land-Use Economics and the "Takings" Issue / The Economics of Urban Sprawl / Land Management Issues on the Urban/Rural Fringe / Land Use in Uncertain Environments / Managing Public Lands

15. Water Resources
Water Use in the United States / Water Law in the United States / Water Pricing / Investing in Water Supply Systems / Water Rights Transfers and Markets / Instream Flow Protection

16. Economics of Agriculture
Historical Change in Supply and Demand / Income Support Policies in Agriculture / Wetlands Conservation / Economics of Pesticide Resistance / The Economics of Monoculture / The Economics of Soil Productivity

17. Economics of Outdoor Recreation
The Demand for Outdoor Recreation / Rationing Use / Ecotourism

18. Economics of Wildlife Management
Wildlife Ecology and Human Institutions / The Economics of Sport Hunting / Wildlife in Suburban Areas / Distributional Issues in Restoration and Predator Control / Public Policy and Wildlife Markets

19. Economics of Biodiversity Preservation
The Endangered Species Act / The Noah Problem / Cost-Effective Biodiversity Preservation / Costs of Diversity Protection


20. Natural Resources and Economic Growth
The Institutional/Demographic Context / Resources and Growth: Two Perspectives / How Economies Grow / Natural Resource Accounting / The Control and Management of Resource Rents / The Volatility of Resource Rents in Developing Countries / Land Rents and Land Reform

21. Natural Resource Decisions in Developing Countries
Incentives and Political Power / Property Rights / Deforestation / Soil Erosion and Soil Productivity / Project Evaluation