Pricing Nature

An impressive piece of work that deserves to be on every European agricultural economist s bookshelf. Jean-Christophe Bureau, European Review of Agricultural Economics This is an excellent text that could be used in specialist academic courses in environmental and natural resource economics, ecological economics and cost benefit analysis, as well as in interdisciplinary courses in public policy, planning and environmental management. David James, Australasian Journal of Environmental Management Cost Benefit Analysis (CBA) is one of the most useful tools of applied economics for the social appraisal of public projects and government policies. Nick Hanley and Edward Barbier show how CBA can be applied to environmental policy choice and environmental resource management. They cover the conceptual underpinnings of CBA, practical methods for applying CBA, and a wide range of case study applications from Europe, North America and developing countries. Issues such as the value of ecosystem services and the special problems posed for CBA by environmental management are brought into close focus. The textbook is aimed at students on inter-disciplinary courses as well as those studying environmental economics, welfare economics and public policy. It will also be of interest to people in the policy community, NGOs and consultancy sectors.

This book examines the economics of natural resource markets and pricing, as well as the field of natural resource economics in general. It presents the key contributions to this field of research, including the pioneering works and contemporary studies. The book highlights the basic principles and ideas underlying theoretical models of resource pricing. The models considered in the book underline the fundamental determinants of resource prices and the economic nature of rents for non-renewable and renewable resources. Besides the classical theory of exhaustible resource economics, the book includes several issues that are of high importance for global economic growth, such as the transition to alternative energy and the economics of climate change. The authors also consider the issues of commodity pricing and a resource cartel’s activity that are relevant to the world oil market. The book provides analytical solutions illustrated with numerical examples. It allows an intuitive understanding of the subject and the model inferences through graphical illustrations and an informal introduction. It, therefore, is a must-read for everybody interested in a better understanding of resource prices, resource markets, and resource economics.

A political science analysis of the feasibility and sustainability of carbon pricing, drawing from North American, European, and Asian case studies. Climate change, economists generally agree, is best addressed by putting a price on the carbon content of fossil fuels—by taxing carbon, by cap-and-trade systems, or other methods. But what about the politics of carbon pricing? Do political realities render carbon pricing impracticable? In this book, Barry Rabe offers the first major political science analysis of the feasibility and sustainability of carbon pricing, drawing upon a series of real-world attempts to price carbon over the last two decades in North America, Europe, and Asia. Rabe asks whether these policies have proven politically viable and, if adopted, whether they survive political shifts and managerial challenges over time. The entire policy life cycle is examined, from adoption through advanced implementation, on a range of pricing policies including not only carbon taxes and cap-and-trade but also such alternative methods as taxing fossil fuel extraction. These case studies, Rabe argues, show that despite the considerable political difficulties, carbon pricing can be both feasible and durable.

Using the lens of environmental history, William D. Bryan provides a sweeping reinterpretation of the post–Civil War South by framing the New South as a struggle over environmental stewardship. For more than six decades, scholars have caricatured southerners as so desperate for economic growth that they rapaciously consumed the region’s abundant natural resources. Yet business leaders and public officials did not see profit and environmental quality as mutually exclusive goals, and they promoted methods of conserving resources that they thought would ensure long-term economic growth. Southerners called this idea "permanence." But permanence was a contested concept, and these businesspeople clashed with other stakeholders as they struggled to find new ways of using valuable resources. The Price of Permanence shows how these struggles indelibly shaped the modern South. Bryan writes the region into the national conservation movement for the first time and shows that business leaders played a key role shaping the ideals of American conservationists. This book also dismantles one of the most persistent caricatures of southerners: that they had little interest in environmental quality. Conservation provided white elites with a tool for social control, and this is the first work to show how struggles over resource policy fueled Jim Crow. The ideology of "permanence" protected some resources but did not prevent degradation of the environment overall, and The Price of Permanence ultimately uses lessons from the New South to reflect on sustainability today.

Cost-benefit analysis (CBA) is one of the most useful tools of applied economies for the social appraisal of public projects and government policies. This textbook shows how CBA can be applied to environmental policy choice and environmental resource management.