New Frontiers of Forest Economics: Forest economics beyond the perfectly competitive commodity markets

•The need of New Frontiers of Forest Economics (NEFFE) is discussed.•Science includes analysis as well as synthesis.•Economic models should interweave other-regarding and self-interest preferences.•Rigorous analysis and synthesis of externalities should be the focus.•Markets and political institutions should be treated as entangled institutions.

The paper provides an overview of the papers included in this special issue, and presents thoughts about New Frontiers of Forest Economics. The paper argues that science does not mean analysis alone; it should be complemented by synthesis and forest economics is a promising field to rediscover synthesis as a methodology of science. The paper sets the goal of boundless profession of forest economics and suggests three key areas of research: (i) economic models that interweave other-regarding and non-cooperative self-interest preferences; (ii) rigorous analysis and synthesis of externalities and development of new economic approaches to address the diversity of interrelated property rights of complex ecosystems; and (iii) treating markets and political institutions as entangled institutions.