This is a fully updated and much expanded edition of the important and well-received book Economics of Natural Resources and the Environment. The book looks in detail at the development of ideas in natural resource issues and the environment. It contains new chapters on agriculture and the environment including farm related pollution and soil erosion; valuation of environmental attributes including cost benefits and cost effectiveness analyses; international environmental problems, including ozone depletion, acid rain, global warming, forest destruction and biodiversity; and economics of nuclear waste disposal. A key element in the book's contents is the application of the author's own theory of modified discounting with dramatic results. This important title provides information, analyses, projections and theories which are relevant to the work of economists, environmental scientists, development studies experts, agriculture and fisheries scientists, town and country planners and managers in the mining and petroleum industries. It is particularly useful for students of environmental sciences and applied economics.