ABSTRACT
This chapter distinguishes first between intermittent and sustained yield management, second the area may be bare of timber or carrying a stand, and finally the area may be regarded as either a complete working section or as a part of one. Herr von Gehren was quite right in putting the forest value equal to the value of the land plus the value of the growing stock, and in seeking the land value in the difference between the former and the latter. But the error in the method of calculation was that, in finding the value of the growing stock, he suddenly changed his standpoint. Herr von Gehren calculated both the value of the forest in sustained management and the value of the land in intermittent management by their worth for forestry, but took the growing stock at its immediate sale value; i.e. in the latter case he abandoned the economic approach.
