I think it could be worth some time trying to understand this paper. Its my gut feeling its a deeper understanding
of what I hoped my final year project to be.
:economics:blog:
Consumer spending (consumption?) is the total money spent on final goods and services by individuals and households for personal
use and enjoyment in an economy.
Need a discounting rate as if we are to consider all consumption profiles of infinitely many people, metrics of
maximising welfare based on consumption goes to infinity. To get a fixed consumption sequence to maximise welfare
for all future generations there must be some preference of consumption sequences.
Starts with how economists have answered the question: “Do ethical considerations restrict the rate at which
society consumes, or its preference for the present over the future?”
Accept preferences, present consumption higher than future consumption, that must be accepted (don’t see how
this answers the question)
society should not discount the future at all because to do so is unethically to privilege the generation
alive today over those yet unborn. Social time preference
Choices should be subjected to an external sustainablity constraint. “A sustainable national economy is one
that allows every future generation the option of being as well off as its predecessors.”
Social value — the expected discounted value of utility from the present to the infinite future should not
decline over time
”Sustainable consumption is only feasible when the riskless interest rate is positive, and then the constrained
social rate of time preference is also positive”
Sustainability as a constraint rather than an objective. “It can be understood as a prior principle that an ethical society
should impose on itself because it would be agreed to by an individual who does not know into which of a sequence
of generations they will be born”
Notes
:career: How do I figure out a way to spend 8 hrs of my day doing important, meaningful stuff.
Could it be a matter of making my current work more manageable?
Theres definitely an under current of unhappiness but I think improving work or having meaningful work would help
My gut feeling is to work in Physics. But also towards some form of self venture, defining my own field in a way
Create a proper environment for personal development