Discounting the future, yet again

Geoffrey Brennan

Politics, Philosophy & Economics, 2007, vol. 6, issue 3, 259-284

Abstract: The question of `discounting the future' is one on which philosophers and economists have divergent professional views. There is a lot of talking at cross-purposes across the disciplinary divide here; but there is a fair bit of confusion (I think) within disciplines as well. My aim here is essentially clarificatory. I draw several distinctions that I see as significant: • between inter-temporal and intergenerational questions • between price (discount rate) and quantity (inter-temporal and intergenerational allocations) as the ethically relevant magnitude, and • between price change and preference change as the primary instrument of change. I show that discounting does not violate the principle of inter-temporal and intergenerational neutrality, but I also cast some doubt on whether making adequate allowance for future generations has really been the problem that economists and philosophers seem to have taken it to be.

Keywords: discount rates; intergenerational justice; future generations; `feasibility' analysis (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:sae:pophec:v:6:y:2007:i:3:p:259-284

DOI: 10.1177/1470594X07081298

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