This text takes on the critical controversies in environmental law in the late 1990s: how to assess the values of future environmental benefits; how to use economic measurements of environmental values; and how to streamline the regulatory process to respond to changing scientific data. Daniel Farber steers a middle course between the "bean counters," who advocate strict cost-benefit analysis, and the "tree huggers," who favour environmental protection at any cost. The book explores fundamental issues in environmental economics, the philosophical disputes over the legitimacy of cost-benefit analysis, and the legal issues involved in applying and interpreting complex environmental statues. Synthesizing the best of our existing regulatory regime, Farber's analysis cuts a path through the thickets surrounding environmental policy.