TY - GEN
T1 - Discounting the future - A need for a fresh look
AU - Malik, Arif S.
PY - 2008
Y1 - 2008
N2 - The past models of the development process have tended to assume that the 'future will look after itself, whereas, the sustainable development approach acknowledges that the ability of the future to do this can be seriously impaired by actions taken now. It is because of this, the practice of discounting the future, a standard feature of the economic approach to inter-temporal decision-making, is discussed critically in this paper. The paper argues that in the sustainability context we need a systems' thinking approach when discounting the future.
AB - The past models of the development process have tended to assume that the 'future will look after itself, whereas, the sustainable development approach acknowledges that the ability of the future to do this can be seriously impaired by actions taken now. It is because of this, the practice of discounting the future, a standard feature of the economic approach to inter-temporal decision-making, is discussed critically in this paper. The paper argues that in the sustainability context we need a systems' thinking approach when discounting the future.
KW - Environmental discounting
KW - Project economic evaluation
KW - Sustainable development
UR - http://www.scopus.com/inward/record.url?scp=49049098900&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=49049098900&partnerID=8YFLogxK
U2 - 10.1109/SYSTEMS.2008.4519004
DO - 10.1109/SYSTEMS.2008.4519004
M3 - Conference contribution
AN - SCOPUS:49049098900
SN - 9781424421503
T3 - 2008 IEEE International Systems Conference Proceedings, SysCon 2008
SP - 167
EP - 170
BT - 2008 IEEE International Systems Conference Proceedings, SysCon 2008
T2 - 2008 IEEE International Systems Conference Proceedings, SysCon 2008
Y2 - 7 April 2008 through 10 April 2008
ER -