Classic Papers in Natural Resource Economics Revisited

'This book does great service by giving scholars a unique opportunity to read classic papers in natural resource economics side-by-side with extensive expert commentary contributing original insights on why the papers are classics, and how the papers set the agenda for future work. There is no better, or more enjoyable way, to come up to speed on the intellectual development of natural resource economics than reading this book.' - Ray Huffaker, University of Florida, USA

'Seven papers, originally published between 1960 and 2000, that address key issues in resource production, pricing, consumption, planning, management, and policy, are used as the inspiration for forty-eight additional papers that examine why these seven papers have become classics and how they have impacted and shaped the intellectual content of the field of natural-resource economics. Papers are grouped into the five core areas of naturalresource economics-the intertemporal problem; externalities and market failure; property rights, institutions, and public choice; the economics of exhaustible resources; and the economics of renewable resources. Gopalakrishnan is Professor (Emeritus) of Natural Resource Economics at the University of Hawaii. Index'. - December 2016 issue of the Journal of Economic Literature (Volume 54, no. 4) and the American Economic Association's electronic publications: e-JEL, JEL on CD, and EconLit.

'Dr. Gopalakrishnan has provided a valuable service by linking these foundational papers by pioneers in natural resource and environmental economics with a series of commentaries by contemporary authors. The range of topics is as timely today as when the papers were originally written: forest policy, exhaustible resources, externalities, market failures and tragedy of the commons. The value added of the book is the commentaries on these classic articles by leading thinkers who assess the strengths as well as the limitations of the Classic Papers. Collectively these authors provide their own insights, rebuttals to, refinements of, and extensions to the original path- breaking papers and challenges facing natural resource economists in the 21^st Century.' - Dr John Loomis, Colorado State University, USA

'This book is a jewel. It contains classic works in natural resource economics and policy. Three cheers to Dr. Chennat Gopalakrishnan (Gopal) for his original and exhaustive treatment of five foundation areas of the discipline that will engage a large and growing body of readers worldwide. The five foundations are:

1. The Intertemporal Problem

2. The Problem of Social Cost

3. Property Rights, Institutions and Public Choice

4. The Economics of Exhaustible Resources.

5. Renewable Resources

I like his treatment of those important five themes for several reasons:

• The book is a first rate source for an upper division undergraduate or graduate seminar in natural resource economics as a standalone source for much or all source material for such a seminar.
• Each of the five areas centers on a classic work, while being complemented by a number of supporting works. The supporting works are nice for scholars who want to see what makes for a great paper or who need background reading before entering the classic.
• It makes a fine source for PhD students starting on a dissertation or scholars working on a literature review who wish to access foundations.
• It reaches out beyond economics. For example, Elinor Ostrom's Economics Nobel Prize winning career is as much about natural resource institutions as neoclassical economics.

The chapters contain so much breadth and depth to make it a treasured addition to my library.' -Frank A. Ward, New Mexico State University, USA