Copyright © 1958 by The Johns Hopkins Press 



All rights reser\ed 



Manufactured in the United States of America 



The Johns Hopkins Press, Baltimore, Maryland 21218 

 The Johns Hopkins Press Ltd., London 



Standard Book Number (clothbound edition) 8018-0351-9 

 Standard Book Number (paperback edition) 8018-1091-4 



Originally published, 1958 



Second printing, 1961 



Third printing, 1964 



Fourth priming, 1970 



fohus Hopkins Paperbacks edition, 1969 



RESOURCES FOR THE FUTURE, INC. 



1755 Massachusetts Avenue, N.VV., Washington, D.C. 20036 



Board of Directors: 



Erwin D. Canham, Chairman, Robert O. .Anderson, Harrison Brown, 

 Edward J. Cleary, Joseph L. Fisher, Luther H. Foster, F. Kenneth Hare, 

 Charles J. Hitch, Charles F. Luce, Frank Pace, Jr., William S. Paley, 

 Emanuel R. Piore, Stanley H. Ruttenberg, Lauren K. Soth, P. F. Watzek, 

 Gilbert F. White. 



Honorary Directors: Horace NL Albright, Reuben G. Gustavson. 

 Hugh L. Kecnleyside, Edward S. Mason, Leslie .\. Miller, 

 Laurance S. Rockefeller, John W. Vanderwilt. 



President: Joseph L. Fisher 



Vice President: Michael F. Brewer 



Secretary-Treasurer: John E. Herbert 



Resources for the Future is a nonprofit corporation for research and educa- 

 tion in the development, conservation, and use of natural resources. It was 

 established in 1952 with the co-operation of The Ford Foundation and its activ- 

 ities have been financed by grants from the Foimdation. Part of the work of 

 Resources for the Future is carried out by its resident staff, part supported by 

 grants to universities and other nonprofit organizations. LInless otherwise stated, 

 interpretations and conclusions in RFF publications are those of the authors; the 

 organization takes responsibility for the selection of significant subjects for study, 

 the competence of the researchers, and their freedom of inquiry. 



John V. Krutilla is senior research associate on the RFF staff. Otto Eckstein, 

 Professor of Economics at Harvard University, was a temporary staff member 

 during his collaboration in the study. The figures were drawn by Clare Ford. 



RFF staff editors, Henry Jarrett, Vera W. Dodds, Nora E. Roots, Sheila M. Ekers. 



