Dr. Gopalakrishnan has skillfully assembeled a collection of classic papers in natural resource economics. These represent seminal contributions of distinguished economists over the last seven decades (1930-2000).

Each of the 14 papers included in the book serve to facilitate, broaden and deepen understanding of complex issues. Logical sequencing of subject areas and topics allow readers to gain insights on many issues related to resource production, pricing, consumption and allocation.

The editorial job is a masterpiece. The five parts of the book have been woven together with extraordinary coherence and connectivity. These deal with the intertemporal problem, externalities and market failure, property rights, institutions and public choice, the economics of exhaustible resources and the economics of renewable resources. This book used as a supplementary text in any graduate course would serve to strengthen the training of any aspiring resource or environmental economist. Indeed no part of it can be omitted.

The broad overview of the text's organization written by Dr. Gopalakrishanan is another major selling point. In superb writing style he reveals the book's exciting virtues and its excellent pedagogic value. Clearly, this book is a must have for every serious scholar of natural resource economics. For where else can one find such a convenient bundle of the writings of luminaries in the field?