TY - GEN
T1 - Systems approach and Discounting
T2 - 2009 IEEE International Systems Conference
AU - Malik, Arif S.
PY - 2009
Y1 - 2009
N2 - This paper argues against using the practice of discounting and shows that both the time preference and the opportunity cost of capital arguments, put forward to justify discounting, are in conflict when we take the holistic approach to the environment. Both the time preference and the opportunity cost concepts are the tools to support the institution of interest. Using hierarchical systems approach argument the paper emphasizes that in order to save the super hierarchical system (humanity as a whole and biosphere as a whole in our case) the capitalist economic system has to undergo into the release phase to allow renewal through the emergence of an ecological economy so that the humanity and global ecosystem may persist.
AB - This paper argues against using the practice of discounting and shows that both the time preference and the opportunity cost of capital arguments, put forward to justify discounting, are in conflict when we take the holistic approach to the environment. Both the time preference and the opportunity cost concepts are the tools to support the institution of interest. Using hierarchical systems approach argument the paper emphasizes that in order to save the super hierarchical system (humanity as a whole and biosphere as a whole in our case) the capitalist economic system has to undergo into the release phase to allow renewal through the emergence of an ecological economy so that the humanity and global ecosystem may persist.
UR - http://www.scopus.com/inward/record.url?scp=67650112533&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=67650112533&partnerID=8YFLogxK
U2 - 10.1109/SYSTEMS.2009.4815780
DO - 10.1109/SYSTEMS.2009.4815780
M3 - Conference contribution
AN - SCOPUS:67650112533
SN - 9781424434633
T3 - 2009 IEEE International Systems Conference Proceedings
SP - 104
EP - 109
BT - 2009 IEEE International Systems Conference Proceedings
Y2 - 23 March 2009 through 26 March 2009
ER -