Why forests?

Abstract

In attempting to answer the question "why forests?" T will forego the reams of figures, encouraging though they may be to a forester, in the various FAa reports on world and European timber trends and prospects. Nor will I go into a deep analysis of the economic studies which have become so much a feature of our times and which tend to show that no sane economic being would invest a penny in forests when, apparently, a comfortable 10 per cent compound interest or better can be obtained from activities quite unrelated to land use and when therefore a 10 per cent discount rate in real terms is prescribed for this long term investment. I will only comment that recent events, especially the fuel situation, have raised serious doubts about such prescriptions. Only yesterday I noted an investment consultant rated farms and forests before stocks and shares for 1974...