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Discounting the future, yet again

Author

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  • Geoffrey Brennan

    (Australian National University, Australia, University of North Carolina-Chapel Hill and Duke University, USA)

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.

Suggested Citation

  • Geoffrey Brennan, 2007. "Discounting the future, yet again," Politics, Philosophy & Economics, , vol. 6(3), pages 259-284, October.
    • Handle: RePEc:sae:pophec:v:6:y:2007:i:3:p:259-284
    DOI: 10.1177/1470594X07081298
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    Cited by:

    1. Farrer, Benjamin & Holahan, Robert & Shvetsova, Olga, 2017. "Accounting for heterogeneous private risks in the provision of collective goods: Controversial compulsory contracting institutions in horizontal hydrofracturing," Journal of Economic Behavior & Organization, Elsevier, vol. 133(C), pages 138-150.

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