NATURAL RESOURCE AND ENVIRONMENTAL POLICY: THE CHALLENGE TO ECONOMISTS. Economic Growth, Resource Scarcity, and Environmental Degradation. Cornucopia or Catastrophe. Resources and Policy. ALLOCATION, DISTRIBUTION AND ECONOMIC WELL-BEING: ECONOMIC POLICY FOR RESOURCES POLICY. Economic Coordination and the Price System. Economic Efficiency. Criteria for Economic Policy. Property Rights, Efficiency and the Distribution of Income. Sources of Inefficiency. RULES OF THE GAME: THE INSTITUTIONAL FRAMEWORK. The Loci of Economic Decision Making. Some Important Legal Concepts. Natural Resources and the State: Legislative and Judicial Processes as They Apply to Natural and Environmental Resources. PROJECT AND PROGRAM EVALUATION. Benefit Cost Analysis. Benefit Cost Analysis in a Limited-Information Environment. APPLICATIONS. Intertemporal Allocation I: Exhaustible Resources. Demand and Supply of Fossil Fuels. Intertemporal Allocation 2: Biological Resources. Land Markets. Land Use Policy. The Control of Polluting Emissions. The Siting of Locally Obnoxious Facilities. Water Resources Projects: The Case of the Tellico Dam and Reservoir Project. Conservation and Preservation. Epilog. Index.