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July 2009

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Book Reviews

June 12, 2009

Book Review: Darkness Falls

Darkness Falls, by Kyle Mills:

Erin Neal has been living a secluded life in the Arizona desert since the death of his girlfriend and he isn't happy when an oil company executive appears on his doorstep. A number of important Saudi oil wells have stopped producing and Erin is the world's foremost expert in analyzing and preventing oil field disasters. ...

What would happen if the world's oil supply, like 90%, was nailed by eco-terrrorists? Scary question and this is a fun page turner that provides an answer (chaos and death!). Read it as a break in between 700 page tomes. The coolest thing is that Mills gets the economics right, and economists love to ferret out mistakes. For example (page 85 of the paperback):

All the economists has said the same thing: ANWR just didn't produce enough fuel to affect the U.S. economy. There would be an initial panic and the ensuing run on gas stations would create a temporary shortage that would last no more than a few days ...

And:

Reynolds frowned deeply. "A lot of books out there say the loss of oil is going to be a disaster for the world. That everybody's going to freeze or starve ---"

"Yeah," [Maverick environmentalist ]Erin said. "The peak oil Chicken Littles. In my mind, oil prices were set to rise slowly and we would change our behavior and find power substitutes as they became economically attractive. ... "

I'm sending this one on to Tim. He reads way to much 19th Century English literature.

May 28, 2009

Another book received from RFF Press: The Emergence of Land Markets in Africa

From RFF Press:

The Emergence of Land Markets in Africa: Impacts on Poverty, Equity, and Efficiency
Stein T. Holden, Keijiro Otsuka, and Frank M. Place, editors

December 2008

“This book deals systematically and competently with the equity and efficiency implications of land markets in sub-Saharan Africa. The rigorous empirical analyses provide important insights to guide decisionmakers and development partners in formulating policies and investments to promote economic growth and poverty alleviation in Africa.”--Gershon Feder, Research Manager for Rural Development in the Development Research Group, the World Bank

Here's the deal: I'll send you the book if you read it and provide us a review. If interested, please send me an email.

Update: The book has been claimed!

Note: We have some reviews overdue ... let me know how these are going ... please!

Book received from RFF Press: Taming the Anarchy

From RFF Press:

Taming the Anarchy: Groundwater Governance in South Asia
Tushaar Shah
December 2008

"Likely to have a significant impact, both on decisionmaking and future research in the region. The book is the best assessment and analysis of irrigated agriculture in South Asia that exists...South Asia can be seen as a proving ground for the groundwater boom and bust cycles that will inevitably play themselves out in other regions." --Christopher Scott, University of Arizona

"Very likely to be a book that will significantly shape the debate on India's irrigation economy, particularly the groundwater economy. The book will push many people to think 'outside of their box.'" - Peter P. Mollinga, University of Bonn


Here's the deal: I'll send you the book if you read it and provide us a review. If interested, please send me an email.

Update: The book has been claimed!

Note: We have some reviews overdue ... let me know how these are going ... please!

April 21, 2009

Earth Day sale at RFF Press

From RFF Press:

As part of an annual Earth Day sale, RFF Press is offering the opportunity to purchase books at a 40% discount.  Our publications represent some of the leading scholarship on natural resources and the environment.  This year’s sale covers all published books, including works on land and water management, forestry, environmental economics, international development, human ecology, and environmental law.  

We invite you to explore our catalog at www.rffpress.org/earthday.  To receive a 40% discount, enter code ‘EARTH’ at checkout.  Happy Earth Day!

Here's another good deal: buy a book, write a review, post it at www.env-econ.net and get a Drive Less! bumper sticker.

And, by the way, I'm still hoping to get a review or two of this book.

December 30, 2008

My best post of 2008

I left a comment on a green jobs post the day after pagan celebration of a Christian holy day:

That is why economics is known as the dismal science. We strange economists are most adept at recognizing the opportunity costs of various decisions. No one else really seems to care if opportunity costs offset some, or all, of the benefits of a good idea.

Opportunity cost is a strange notion to some (especially intro micro students) ... it is the value of the next best alternative whenever a choice is made. For example, if I purchase a $1000 flat panel LCD TV, the true cost of the TV is not $1000, but what I could purchase instead (such as $500 in each kid's college education 529 plan [sorry kids]).

In the case of green energy subsidies, if you are an economist then you must at least wonder if this is the best way to spend the money. There are benefits of pushing down the costs of green energy (e.g., improved air quality), and there are opportunity costs. Ignoring the opportunity costs is likely to lead to wasteful spending. Considering the opportunity costs is likely to lead to better social decision making -- regardless of whether the benefits of the subsidies exceed the costs.

The notion of opportunity cost, its recognition and the inevitable result that not all great sounding ideas are really great ideas, is the most important thing that economists bring to many policy discussions. Pointing out the unpleasantantries of opportunity cost is one of the purposes of this blog. The dismal part of the dismal science can not be avoided.

August 26, 2008

I just ordered a new book from Amazon.com

Economic Principals reviews Nordhaus' A Question of Balance:

No issue throws off more apprehension and confusion among a certain set than does global warming. Since the Norwegians last year propelled Al Gore’s film documentary, “An Inconvenient Truth,” into the stratosphere by awarding half a Nobel Peace Prize to the former presidential candidate ..., the proposition that continuing industrialization is going to require some extensive mitigation of its effects on the atmosphere has become much more widely accepted.

But what?  How much?  Where? And when?

A new book, A Question of Balance, by William Nordhaus, casts more intense light on these matters than any other. Nordhaus, of Yale University, is a master economist, a gifted expositor, a canny rhetoretician. Most important, he is a scientific diplomat.  He has been in constant touch for many years with a wide range of experts in other fields, not just natural scientists ... and social scientists ..., but designers of the human-built world as well .... It is unlikely that we will see a better framework for discussion of these issues for many years.

August 04, 2008

Global commons gridlock?

Garrett Hardin's "The Tragedy of the Commons" is required reading for any environmental and natural resource economist. Its conclusion is usually taken at face value:

Ruin is the destination toward which all men rush, each pursuing his own best interest in a society that believes in the freedom of the commons. Freedom in a commons brings ruin to all.

I was particularly excited to see two of my favorite publications, the Economist and the New Yorker (yes, I also eat arugula), revisiting the idea from different angles this week.

The New Yorker reviews Michael Heller's The Gridlock Economy, which takes stabs at patent laws and080811_r17624_p233_3 other "anticommons" that lead to "underuse and waste," much as the commons lead to "overuse and destruction." One example is wind:

Wind power...could reliably supply up to twenty per cent of America’s energy needs—but only if new transmission lines were built, allowing the efficient movement of power from the places where it’s generated to the places where it’s consumed. Don’t count on that happening anytime soon. Most of the land that the grid would pass through is owned by individuals, and nobody wants power lines running through his back yard.

I buy that reasoning.

The point isn’t that private property is a bad thing...But property rights need to be limited to be effective.

Good luck finding the right balance, but it's certainly good to have the discussion out in the open.

The Economist takes another tack. It reviews some of Elinor Ostrom's critiques of Harding. She has found several examples, including the "miracle of the Rhine," that showed how the commons can be managed without selling off every last bit and assigning ownership, the usual solution to Harding's D3108fn0_4 problem. Management of Swiss (or Austrian) Alpine pastures is another example. Farmers don't tend to add animals until the ecosystem collapses. Quite the opposite: Many of these pastures have been managed successfully for decades or sometimes centuries, despite belonging to no one in particular.

The Economist also tracked down the 12th Biennial Conference of the International Association for the Study of the Commons last month, where Charlotte Hess spoke about extending the concept of the commons to global public goods like oceans or Antarctica. That's where managing becomes more difficult. Once the entire Earth is the common, like with climate change, it's not as simple as having a handful of farmers divvy up a pasture or establishing unwritten norms for Sahelian nomads.

That said, we are moving towards this kind of management in global climate talks. We are not exactly assigning property rights to the Earth's atmosphere as devout followers of Harding might want to see. (Harding himself purportedly admitted before he died that he should have called his article "The Tragedy of the Unmanaged Commons.") Instead, the next global deal on climate will likely look much closer to an agreement to manage the atmospheric commons than to assign strict property rights.

That's where the clean-up of the Rhine becomes instructive again:

[I]t was not until local pressure groups, city and regional governments and non-governmental organisations got involved that polluters were willing to recognise the costs they were imposing on others, and cut emissions. An inter-governmental body (the International Commission for the Protection of the Rhine) did not have the same effect.

It'll likely take a global deal brokered by UNFCCC to establish the goals (ideally a global cap on emissions) and the framework of how to achieve them, but it will be up to "local pressure groups" -- city, state and national governments, NGOs, or other citizen or business groups -- to help enforce them.

June 17, 2008

I forgot to mail a book for a book review

Sitting on my desk after 3 short but hectic trips I find Frontiers in Resource and Rural Economics which I promised to mail to someone for review. Hmmm, I forgot who it is. I wonder what else I've forgotten?

Anyway, if it was you that I explicitly agreed to send the book to please send me an email to that effect. Thanks!

May 14, 2008

New Book: Frontiers in Resource and Rural Economics

Available for book review, serious reviewers only:

Frontiers in Resource and Rural Economics
JunJie Wu, Paul W. Barkley, and Bruce A. Weber, editors

February 2008/266 pages
Cloth, ISBN 978-1-933115-64-1 / $85.00
Paper, ISBN 978-1-933115-65-8 / $41.95

Book Description

Most land in the United States is in rural areas, as are the sources of most of its fresh water and almost all its other natural resources. One of the first books to approach resource economics and rural studies as fundamentally interconnected areas of study, Frontiers in Resource and Rural Economics integrates the work of 18 leading scholars in resource economics, rural economics, rural sociology and political science in order to focus on two complex interdependencies - one pertaining to natural resources and human welfare, the other to urban and rural communities and their economies. ...

Submit your interest to review this book via email or in the comments. Under our first come, first served policy, the book review has been claimed. Thanks for your interest!

February 29, 2008

Environmental Economics, Experimental Methods: Table of Contents

Expenv As Tom mentions, Routledge doesn't seem to want to reveal the full table of contents of Todd et al.'s new experimental/environmental economics book. This seems odd ... you definitely want to view the guts of the book before you pay $190 for it.

Anyway, thanks to my close proximity to Todd Cherry (office numbers 3094 and 3095), I was able to secure a PDF of the front matter this morning [there is a joke somewhere in there about friends in low places (use the comments section)].

Download contents.pdf


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