Our path of economic development has generated a growing list of
environmental problems including the disposal of nuclear waste,
exhaustion of natural resources, loss of biodiversity, climate
change, and polluted land, air, and water. All these environmental
problems raise the crucial challenge of determining what we should
and should not do for future generations. It is also central to
other policy debates, including, for example, the appropriate level
of public debt, investment in public infrastructure, investment in
education, and the level of funding for pension benefits and for
research and development. Today, the judge, the citizen, the
politician, and the entrepreneur are concerned with the
sustainability of our development. The objective of "Pricing the
Planet's Future" is to provide a simple framework to organize the
debate on what we should do for the future.
A key element of analysis by economists is the discount
rate--the minimum rate of return required from an investment
project to make it desirable to implement. Christian Gollier
outlines the basic theory of the discount rate and the various
arguments that favor using a smaller discount rate for more distant
cash flows.
With principles that can be applied to many policy areas,
"Pricing the Planet's Future" offers an ideal framework for dynamic
problems and decision making.
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