It’s remarkable how incredibly badly he understands things:
Currently economics and accounting agree that the future does not matter – they literally discount it, and pretend all that matters is here and now. But that conflicts with our human priorities. Accounting and economics are in real need of reform
— Richard Murphy (@RichardJMurphy) July 6, 2020
Discounting the future.
He should try reading the Stern Review, long discussion of it in there. Of course we discount the future. Because human beings do, righteously. A pound today is worth more than one tomorrow. Partly the time issue – interest – and partly uncertainty – the risk premium.
These things just do exist. Discounting the future – no, this does not mean the future is assigned no value, only that it is assigned a lower one than today – is thus just a part and parcel of being a being with a limited lifespan facing uncertainty.
As the Stern Review describes at length.
Now, it’s possible to have interesting conversations about the rate at which we should discount. But the base idea that we should is so obvious that it’s entirely remarkable to even think of opposing it.
We’re back in that world where Snippa just never does consider that other people have thought through the same problem occasionally.