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This chapter initially examines general relationships between agricultural activity and environmental change and the level of economic welfare. It then provides a brief account of the historical development of agriculture, focusing on its environmental and socio-economic consequences. The pivotal role of the commencement and evolution of agriculture in economic development is stressed. It is only as a result of agriculture that the current level of the world’s population can be sustained. For a considerable amount of time, the world’s population has exceeded that which can be sustained by hunting and gathering. A major challenge which agriculture faces in this century is how to increase its production to meet increasing demands for food due to global population growth and rising incomes, and how it can achieve this without causing significant environmental deterioration. Can this be achieved by sustainable agricultural intensification? This is one of the issues discussed. The likely impacts on the level of agricultural production of climate change and the adjustment issues facing agriculture as a result of climate change are major contemporary concerns. The modelling of these aspects is reviewed and some different perspectives are provided compared to those in the literature, for example, the perspective presented by Mendelsohn and Dinar. The desirability of different types of public policies for responding to the effects of climate change on agriculture is also discussed.

Continuing loss of biodiversity, mainly due to economic development, is a major contemporary concern. This is because it could threaten economic sustainability and diminish the satisfaction humankind obtains by experiencing the living world, and it can be a source of guilt among individuals who feel that humankind has a moral responsibility to help conserve the living world. Therefore, biological conservation is an important subject and is the focus of this chapter. This chapter is developed initially by identifying a range of subjects that can be investigated in studying biological conservation and management. Diverse motives are specified which have an influence on decisions about biological conservation and management. Subsequently, attention is given to the role and limitations of markets in determining biological conservation and management, and after that to the role and shortcomings of non-market institutions (governments and NGOs) in doing so. The usefulness of economic valuation techniques in relation to this subject is assessed and particular attention is given to the need to take account of opportunity costs, the importance of regular biases in conservation preferences, and the difficulty of resolving social conflict about the management of biological resources. Before concluding, the following illustrative topics are discussed: conflicts, valuation issues and the costs of policies for conserving koalas; the role of wildlife rehabilitation centres in nature conservation; • ecotourism enterprises and the conservation of species; and • conflicts between conservationists about conserving species illustrated by the presence of wild horses (brumbies) in the high country of Australia.