ENVIRONMENTAL ECONOMICS: AN INTRODUCTION by Barry C. Field and Martha K. Field
Reviewed by Kelly Heber, Massachusetts Institute of Technology
Probably the best environmental economics textbook
Environmental Economics: An Introduction, by Barry C. Field and Martha K. Field, McGraw Hill, 2012
Nearly everyone who has taken a course in environmental economics has some experience with the textbooks of Barry and Martha Field. In Environmental Economics (6th edition), they continue with their uniquely clear and logical overview of the field and its analytical tools. Light on pure math, but strong on useful description, concrete definitions and clear explanation of otherwise complex topics (such as discounting), the text is a must for any undergraduate or graduate interested in the discipline and looking for a standalone primer. Of the many environmental economics texts available, the Fields’ work stands out because they write in a style that is technically sophisticated but easy to read. This is atypical of most economics texts.
Substantial sections of the book are dedicated to reviewing key concepts in environmental economics and how they can be applied; showing how theory meets practice. These are the stronger chapters. They include overviews of cost–benefit analysis, trading of permits or “incentive-based strategies,” top-down command-and-control regulation, and so on. The weakness of the book, as with many economics texts, is that it overlooks the political dimension of environmental analysis. When they discuss cost–benefit assessment, for example, it appears as though costs and benefits occur uniformly across all members of society (when that is not the case). They do not address issues of power or access in environmental decision making, or mention environmental justice at all. They do include contemporary case studies, or “exhibits,” which showcase what happens when environmental economics is applied in the real world. Here is where some of the missing elements in their theoretical exposition appear. Some of the better exhibits touch on the “intelligible principle” of the Clean Air Act, and incentives for deterring offshore oil spills.
Given the large difference in price between old and new versions of this textbook, the cases are not sufficiently innovative or contemporary to justify the massive price increase.