With a tight integration of public policy and economic theory, this best-selling text provides a well-rounded introduction to the field. Tietenberg's extensive work in research and policy lends a crucial real- world context, so that students explore the latest questions and debates. The Seventh Edition offers a wealth of new examples and hot topics such as genetically modified organisms and the cost-effectiveness of new transportation fuels. International issues receive increased attention through discussions of environmental problems and policies in Western Europe, China, and developing nations. It contains new material on Hubbert's Peak in Chapter discusses the predictions for a future oil production crisis. It is new look at resource management through topics like cost-effectiveness of new transportation fuels and the economics of renewable portfolio standards and tradable renewable electricity generation tags. It examines new environmental policies, including the effect the EPA's TDML program has on water quality standards, and programs, including the European Emissions Trading Initiative's reliance on market-based trading solutions for environmental control, and addresses pertinent developments in conservation easements and land trusts. It provides new coverage of the dynamic debate on genetically modified organisms. It features expanded coverage of economic valuation of environmental assets, environmental justice, water pollution, climate change, and trade and the environment. New boxed feature highlights critical debates within the environmental economics community. Praised for its tight integration of economic theory with real-world public policy,it contains new feature on debates within the environmental community and illustrative boxed examples provide valuable real-world context for student readers.