Book ReviewFolmer H, Gabel HL: Principles of Environmental and Resource Economics: A Guide for Students and Decision MakersCAIS MAIN (Level 1) HC79 E5 P957This book consists of 22 chapters that provide an excellent introduction to important topics in environmental and resource economics. The contributors consist of many leading scholars in the field. The book is explicitly intended as a teaching tool for higher level university students and as a reference for professionals and researchers. In my opinion, another niche for which the book is particularly well suited is graduate courses in environmental policy, business administration, or a combination of both. The book is organized into three parts: General Environmental Economics, Corporate Environmental Economics, and Selected Topics. The first part, General Environmental Economics, covers the fundamentals of the field. The first chapter sets the stage for environmental problems with a discussion of markets and market failure. Correcting these failures inevitably involves an economic evaluation. Accordingly, the next two chapters address theoretical and empirical issues related to environmental valorization. How then are actual political decisions made? A chapter on cost-benefit analysis provides some guidance, while another chapter on environmental policy principles shows how the answer involves consideration of effectiveness and equity. It is argued, however, that economic analysis provides important and influential guidance for policy makers. The next chapter shows this by comparing different policy instruments, such as standards, taxes and tradable permits. The final chapter demonstrates how economy-wide models are useful for predicting economic impacts… half of the paper… “Economic Economics” will find relatively little in this book, as only one chapter is devoted to resources. usage. In conclusion, this book is not just another text in the growing number of books on environmental and resource economics. It has two distinct comparative advantages. The first is the authors' appreciation for the important, if sometimes limited, role of economic analysis in environmental policy. The second is the originality and growing importance of the chapters on Corporate Environmental Economics. For these reasons, this book could prove particularly useful for introducing environmental and resource economics into undergraduate courses in environmental policy and business administration. These same reasons also make the book attractive as a reference for university students, professionals and researchers working in the field..