Current issue: 54(5)
Under compilation: 55(1)
The article has two parts: the first are the common principles of forestry and forest economics and the second part presents different theories of forest economics. The aim of the study is to find out how the best possible economic result can be achieved from forest management and use of forest resources.
The first part presents the economic foundations of forestry; the division between following the concept of economic profitability in forestry and forest management; concepts of capital and operating result in forestry; and productivity and profitability. It discusses the idea of economy as a dynamic entity instead of static.
In the second part the different economic theories related to forestry and forest economics are presented. Theory on the highest interest on forest capital, theory of sustained yield management system, land rent theory, theory on forest profitability and dynamic economic theory are discussed.The PDF contains a summary in Finnish.
This paper is a theoretical study of what is considered to constitute the proper perception of time in forest economics and management. A stumpage appraisal model that recognizes the influence of time is developed within the framework of a national aggregate economy. To demonstrate how a socially optimal land for timber production may be determined in a given nation, a stock-supply model is derived. The stumpage appraisal rule of development determines the market stumpage price that maintains a state of balance between timber production and other land use activities.
The PDF includes an abstract in Finnish.