Here is an snippet from my Perverse Economy.  The Internal citation is
from James Scott. Seeing Like a State.

By the middle of the nineteenth-century, the German foresters had
become leaders in the "scientific" management of forests (Scott 1998,
pp. 11-12).  Martin Faustmann, a German forester who was searching for
ways to increase the efficiency of forest production, seems to have
been the first person to develop the mathematical analysis of profit
maximizing over time (Faustmann 1849; Lo"fgren 1983; and Mitra and Wan
1985).
   The theoretical elegance of his mathematical procedure represented a
breakthrough in economic thinking.  Unfortunately, Faustmann achieved
his analytical result by treating the complex forest ecosystem as if it
were merely a simplified factory for producing a homogeneous output of
wood:
   ##In [this] state "fiscal forestry," ... the actual tree with its
vast number of possible uses was replaced by an abstract tree
representing a volume of lumber or firewood ....  Gone was the vast
majority of flora: grasses, flowers, lichens, ferns, mosses, shrubs,
and vines.  Gone, too, were reptiles, birds, amphibians, and
innumerable species of insects.  Gone were most species of fauna,
except those that interested gamekeepers.  [Scott 1998, pp. 12-13]

Also a couple of other references on Faustmann:

  Lo"fgren, K. 1983. "The Faustmann-Ohlin Theorem: A Historical Note."
History of Political Economy, 15: 2 (Summer): pp. 261-4.

Faustmann, Martin. 1849. "Calculation of the Value which Forest Land
and Immature Stands Pose for Forestry." in Michael Cane, ed. .Martin
Faustmunn and the Evolution of Discounted Cash Flow. (Oxford:
Commonwealth Forestry Institute Institute paper No. 42, 1968): pp.
27-55.


Michael Perelman