A firm grounding in economics is integral to sound forestry policies and practices. This book, a major revision and expansion of Peter H. Pearse's 1990 classic, is an essential book for forestry students and professionals. Updated and enhanced with advanced empirical presentation of materials, it covers the basic economic principles and concepts and their application to modern forest management and policy issues. "Forest Economics" reflects the authors' more than fifty years of combined experience in forest economics in the United States and Canada. Its comprehensive and systematic analysis of forest issues makes it an indispensable resource for students and practitioners of forest management, natural resource conservation, and environmental studies.