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Post-Faustmann Forest Resource Economics

  • Book
  • © 2013

Overview

Editors:
  1. Shashi Kant

    1. Faculty of Forestry, University of Toronto, Toronto, Canada

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  • Offers a thorough critique of the dominant paradigm of forest economics – Faustmann Forest Economics
  • Proposes more advanced economic perspectives on forest resource economics, including sustainability, complexity, and human behavior
  • Applies cutting-edge experimental methods and systems approaches to forest resource economics
  • Includes supplementary material: sn.pub/extras

Part of the book series: Sustainability, Economics, and Natural Resources (SENR)

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Table of contents (13 chapters)

  1. Front Matter

    Pages i-xvii
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  2. Post-Faustmann Forest Resource Economics

    • Shashi Kant
    Pages 1-19

  3. Human Behaviour and Forest Resource Economics

    1. Front Matter

      Pages 21-21
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  5. Public Choice Theory and Forest Resource Economics

    1. Front Matter

      Pages 147-147
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  6. PUBLIC CHOICE THEORY AND FOREST RESOURCE ECONOMICS

    1. Public Choice, Rent-Seeking and the Forest Economics-Policy Nexus

      • David N. Laband
      Pages 149-164

    2. The Political Economy in Forest Policy-Making: Economic Efficiency and Beyond

      • Daowei Zhang
      Pages 165-181

  7. Systems Approaches to Forest Resource Economics

    1. Front Matter

      Pages 183-183
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  8. SYSTEMS APPROACHES TO FOREST RESOURCE ECONOMICS

    1. Economics of Forest Ecosystem Restoration: A Systems Approach

      • Runsheng Yin, Minjuan Zhao
      Pages 185-206

    2. Economics of Multiple Forest Values and Life Cycle Analysis

      • Bruce Lippke, Elaine Oneil, Kevin Zobrist
      Pages 207-238

  9. Incrementalist Approaches to Forest Resource Economics

    1. Front Matter

      Pages 239-239
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  10. INCREMENTALIST APPROACHES TO FOREST RESOURCE ECONOMICS

    1. Economic Modeling in Forestry: Avoiding the Lucas Critique

      • Karl-Gustaf Löfgren, Peichen Gong
      Pages 241-258

    2. Multiple Forest Stocks and Harvesting Decisions: The Enhanced Green Golden Rule

      • Shashi Kant, Chander Shahi
      Pages 259-275

    3. Land Expectation Value to Profit Maximization: Re-Examination of the Faustmann Formula

      • Yaoqi Zhang, Suman Majumdar
      Pages 277-287

  11. Back Matter

    Pages 289-293
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Keywords

About this book

The current paradigm of forest economics is based on Faustmann Formulation (FF) of land expectation value proposed by Martin Faustmann. It was a great achievement by a forester to propose a formulation that captures some fundamental economic features of capital theory which. However, the followers of the FF approach have trapped themselves into the past, and have not shown any indication of economic acumen of the great Faustmann. This has resulted in a common problem in the current paradigm of forest economics, known as Faustmann Forest Resource Economics (FFRE), to prescribe the application of a single (FF) approach to all situations irrespective of the specific features of the situation. The current state of forest economics is similar to that of neoclassical economics, and is full of inefficiencies. In neoclassical economics, inefficiencies are due to its “locked-in” position in rational economic man, while in forest economics inefficiencies are due to its “locked-in” position in the FF. The focus of this volume is on the new paradigm of forest economics termed as Post-Faustmann Forest Resource Economics (PFFRE). The first chapter lays the foundation of the PFFRE, and presents the key distinctions between the FFRE and the PFFRE. The volume includes twelve other chapters that address issues related to forest economics from perspectives different than the FFRE. Chapter 2 to 6 are focused on issues related to human behavior that is different than the rational economic man, Chapter 7 and 8 on public choice theory, Chapter 9 and 10 on systems approaches, and Chapter 11 to 13 on incremental approaches to incorporate new features in the FFRE.

Editors and Affiliations

  • Faculty of Forestry, University of Toronto, Toronto, Canada

    Shashi Kant

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