Abstract
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.
| Original language | English |
|---|---|
| Title of host publication | 2009 IEEE International Systems Conference Proceedings |
| Pages | 104-109 |
| Number of pages | 6 |
| DOIs | |
| Publication status | Published - 2009 |
| Event | 2009 IEEE International Systems Conference - Vancouver, BC, Canada Duration: Mar 23 2009 → Mar 26 2009 |
Other
| Other | 2009 IEEE International Systems Conference |
|---|---|
| Country | Canada |
| City | Vancouver, BC |
| Period | 3/23/09 → 3/26/09 |
Fingerprint
ASJC Scopus subject areas
- Control and Systems Engineering
- Electrical and Electronic Engineering
Cite this
Systems approach and Discounting : A need to think globally and act globally. / Malik, Arif S.
2009 IEEE International Systems Conference Proceedings. 2009. p. 104-109 4815780.Research output: Chapter in Book/Report/Conference proceeding › Conference contribution
}
TY - GEN
T1 - Systems approach and Discounting
T2 - A need to think globally and act globally
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
SN - 9781424434633
SP - 104
EP - 109
BT - 2009 IEEE International Systems Conference Proceedings
ER -