The third edition of Economics of the mineral Industries is a completely new volume. The genesis of this volume was a feeling by the American Institute of Mining, Metallurgical, and Petroleum Engineers that world events since the second edition justified a new and broader approach to the issues addressed. Specifically, during the 1960's and continuing until today, there was a substantial increase in interest by professional economists in the mineral industries. This paralleled a rising interest by engineers and earth scientists in economics, and in the application of economics to their problems. The AIME, in response to these trends, asked the Council of Economics to undertake the preparation of the third edition of Economics of the Mineral Industries. The objective of this volume is to provide a bridge between the professions of economics and mineral engineering Often, the professional of both of these groups speak only to themselves. Mineral engineers tend to distrust the professional economists; the professional economist often looks upon mineral engineers as doers, rather than thinkers. Both of these conceptions are equally wrong. The economist cannot understand the processes involved without a deep understanding of the technologies of mineral exploration, production, and use. The engineer cannot make his judgments concerning investment and production without understanding the impact of the economic system and economic trends on the value of his product. It is essential that the two professions come together in discourse, and come to better understand each other's perspective on mineral problems. it is the objective of this volume to enhance such mutual understanding.

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