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 |
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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 |
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Country | Canada |
City | Vancouver, BC |
Period | 3/23/09 → 3/26/09 |
ASJC Scopus subject areas
- Control and Systems Engineering
- Electrical and Electronic Engineering