Afforestation and deforestation represent major and dramatic transformations in the pattern of land use throughout the world. These frequently controversial changes are often presented as a confrontation between economic, social and environmental forces. Forest Economics shows that economics has a crucial role to play in forestry. The author begins by examining the influence of profit-maximizing on the way in which foresters take decisions on harvesting timber, planting forests and the management of crops. The second part of the book considers silvicultural decision-making. It proceeds from optimal rotation determination, via selection of spacing and thinning regimes, to crop improvement and protection decisions, and choice between silvicultural systems. Part 3 is concerned largely with the rationale and applications of cost-benefit analysis. It considers in detail both the evaluation of the social benefits and costs of forestry, and the pricing of factors of production in developing economies. The book's concluding section discusses the role of forestry in the generation of national and regional employment, in state involvement in forestry, in world timber prices and the interpretation of forestry policy at local level.