My tweets this morning, in the right order:
That last link is here.
Richard Murphy on tax, accounting and political economy
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“Currently economics and accounting agree that the future does not matter — they literally discount it”
I’m pretty sure that is not what they mean. Are you saying they ignore everything in the future, taking discount to mean that something can be ignored or not considered?
What I am saying is that they discount its value
They do
And I say that’s wrong
Action delayed now is more costly, not less
Is it not a failing of the inputs to the calculations? Inflation needs to be factored in (to reduce future value in absolute terms) but the opportunity cost of current inaction is clearly (imo) far greater than currently calculated