ABSTRACT
Paul Samuelson’s 1976 paper, “Economics of Forestry in an Evolving Society (EFES)”, is justifiably hailed as one of the most important articles in the field of forest economics. A relatively recent review of the optimal rotation literature found the article to be the second most cited article (Newman, 2002), following only Faustmann’s (1849) original study. It pointed the field in a number of important directions and heralded a very rapid expansion in the literature as more individuals began to examine a host of economic questions related to forests and forest management.
