A clear grasp of economics is essential to understanding why environmental problems arise and how we can address them. So it is with good reason that this book has become a classic text in environmental studies since its first publication in 2007. Now thoroughly revised with updated information on current environmental policy and real‑world examples of market‑based instruments, the primer is more relevant than ever. The authors provide a concise yet thorough introduction to the economic theory of environmental policy and natural resource management. They begin with an overview of environmental economics before exploring topics including cost‑benefit analysis, market failures and successes, and economic growth and sustainability.