Skip to main content
SpringerLink
Log in
Book cover

Post-Faustmann Forest Resource Economics pp 125–145Cite as

Impatience, Inconsistency, and Institutions to Counter Their Effects on Sustainable Forest Management

  • Chapter
  • First Online:

Part of the book series: Sustainability, Economics, and Natural Resources ((SENR,volume 4))

Abstract

Human impatience and the inconsistency between affective and cognitive views of “otherness” undermine the foundations of sustainable forest management. Modern economies have induced institutions that reinforce this tendency, including through academic institutions where apologists for discounting flourish. It was not always so. The ethos of societies and nations supported long-term productivity against short-term interest. Individualistic ethics also internalised long-term well-being within present mental constructs. Rapid change and imposition of unfamiliar codes threaten the stability of future-protective institutions. Local sustainability may be at the expense of sustainability elsewhere. Current models of self-interest have been projected as possessing intrinsic ethical merit. Justification of discounting by financial institutions is undermined by the institutions’ actual performance. The law may accidentally assist sustainability by its universality. Commonality of interest is only efficacious for future interests if supported by a further ethical requirement, but our conforming with this requirement may encourage later generations to do so too. Some reinforcement of conscience-based behaviour may be derived from religion, mutual censure, art, academic integrity and pre-commitment, and by regarding sustainability as a present good. These seem frail motivations, but offer the best hope for future generations.

This is a preview of subscription content, log in via an institution.

Chapter
USD   29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD   129.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD   169.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD   169.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Learn about institutional subscriptions

References

  • Arden J (1965) Arden plays 2. Methuen, London

    Google Scholar 

  • Austen J (1814) Mansfield park. Thomas Egerton, London

    Google Scholar 

  • Azzi C, Ehrenberg R (1975) Household allocation of time and church attendance. J Polit Econ 83:27–56

    Article  Google Scholar 

  • Barry B (1977) Justice between generations. In: Hacker PMS, Hart HLA (eds) Law, morality and society. Oxford University Press, Oxford

    Google Scholar 

  • Betjeman J (1958) Hertfordshire. In: John Betjeman’s collected poems. John Murray, London

    Google Scholar 

  • Bromley DW et al (eds) (1992) Making the commons work. ICS Press, San Francisco

    Google Scholar 

  • Broome J (1994) Discounting the future. Philos Public Aff 23:128–156

    Article  Google Scholar 

  • Clare J (1827) The shepherd’s calendar. Carcanet Press, Manchester (2006)

    Google Scholar 

  • Clarkson L, Morrissette V, Régallet G (1992) Our responsibility to the seventh generation: indigenous peoples and sustainable development. International Institute for Sustainable Development, Winnipeg

    Google Scholar 

  • d’Arge RC, Schulze WD, Brookshire DS (1982) Carbon dioxide and intergenerational choice. American Economic Review Papers and Proceedings 72:251–256

    Google Scholar 

  • Doniger W, Smith BK (translators) (1991) The laws of Manu. Penguin, Harmondsworth

    Google Scholar 

  • Elster J (1984) Ulysses and the sirens. Cambridge University Press, Cambridge

    Google Scholar 

  • Fisher I (1930) The theory of interest. Macmillan, London

    Google Scholar 

  • Golding MP (1972) Obligations to future generations. Monist 56:85–99

    Article  Google Scholar 

  • Goldsmith O (1770) The deserted village. [Reprinted in very many anthologies]

    Google Scholar 

  • Gombya-Ssembajjwe W (1996) Analysis of institutional incentives for sustainable management of tropical moist forests: a case study of mengo forests, Uganda. Unpublished PhD thesis, University of Wales, Bangor

    Google Scholar 

  • Goodin RE (1985) Protecting the vulnerable. Chicago University Press, Chicago

    Google Scholar 

  • Hobbes T (1651) Leviathan. Blackwell, Oxford (1946)

    Google Scholar 

  • Hopkins GM (1879) Binsey poplars. In: Gerard Manley Hopkins selected poetry. Oxford University Press, Oxford (1996)

    Google Scholar 

  • Kant S (2003) Choices of ecosystem capital without discounting and prices. Environ Monit Assess 86:105–127

    Article  Google Scholar 

  • Marglin SA (1963) The social rate of discount and the optimal rate of investment. Quart J Econ 77:95–111

    Article  Google Scholar 

  • Markus R (1967) Ostwald’s relative forest rent theory. Bayerischer Landwirtschaftsverlag, Munich

    Google Scholar 

  • Miller M (1991) Debt and the environment: converging crises. United Nations, New York

    Google Scholar 

  • Ng YK, Wills I (2006) Welfare economics of sustainable development. In: Encyclopaedia of life support systems (electronic book, no page numbers). EoLSS Publishers, Ramsey, Isle of Man

    Google Scholar 

  • Nicholson N (1972) “On the closing of Millon ironworks” in a local habitation. Faber and Faber, London

    Google Scholar 

  • Ostrom E (1990) Governing the commons. Cambridge University Press, Cambridge

    Google Scholar 

  • Ott K (2006) Essential components of future ethics. In: Encyclopaedia of life support systems (electronic book, no page numbers). EoLSS Publishers, Ramsey, Isle of Man

    Google Scholar 

  • Parfit D (1984) Reasons and persons, Oxford University Press, Oxford

    Google Scholar 

  • Price C (1984) Project appraisal and planning for over-developed countries. Environ Manage 8:221–242

    Article  Google Scholar 

  • Price C (1986) Will the real case against NDR please step forward? Q J Forestry 80:159–162

    Google Scholar 

  • Price C (1993) Time, discounting and value. Blackwell, Oxford

    Google Scholar 

  • Price C (1994) The forestry statement in context. Parliamentary Brief 2(10):28–29

    Google Scholar 

  • Price C (1997) Analysis of time profiles of climate change. In: Adger WN, Pettenella D and Whitby M (eds) Climate change mitigation and European land use policies. CAB International, Wallingford UK, pp 71–87

    Google Scholar 

  • Price C (2000a) Discounting compensation for injuries. Risk Anal 20:239–249

    Article  Google Scholar 

  • Price C (2000b) Valuation of unpriced products: contingent valuation, cost–benefit analysis and participatory democracy. Land Use Policy 17:187–196

    Article  Google Scholar 

  • Price C (2004) Hyperbole, hypocrisy and discounting that slowly fades away. Scand For Econ 40:343–359

    Google Scholar 

  • Price C (2005) How sustainable is discounting? In: Kant S, Berry RA (eds) Economics, natural resources, and sustainability: economics of sustainable forest management. Kluwer, Dordrecht, pp 106–135

    Google Scholar 

  • Price C (2006) Economics of sustainable development: reconciling diverse intertemporal perspectives. In: Encyclopaedia of life support systems (electronic book, no page numbers). EoLSS Publishers, Ramsey, Isle of Man

    Google Scholar 

  • Price C (2010) Low discount rates and insignificant environmental values. Ecol Econ 69:1895–1903

    Article  Google Scholar 

  • Price C (2011) Optimal rotation with declining discount rate. J For Econ 17:307–318

    Google Scholar 

  • Price C, Nair CTS (1985) Social discounting and the distribution of project benefits. J Development Studies 21:525–532

    Google Scholar 

  • Rae J (1834) The sociological theory of capital. Macmillan, London (1905)

    Google Scholar 

  • Rawls J (1971) A theory of justice. Harvard University Press, Cambridge

    Google Scholar 

  • Rostow WW (1956) The take-off into self-sustained growth. Econ J 66:26–48

    Article  Google Scholar 

  • Rousseau JJ (1762) The social contract and discourses (trans: Cole GDH, Dent, London, 1990)

    Google Scholar 

  • Sagoff M. (1988). The economy of the earth. Cambridge University Press, Cambridge

    Google Scholar 

  • Schelling TC (1999) Intergenerational discounting. In: Portney PR, Weyant JP (eds) Discounting and intergenerational equity. Resources for the Future, Washington, pp 99–101

    Google Scholar 

  • Sen AK (1957) A note on Tinbergen on the optimum rate of saving. Econ J 67:745–748

    Article  Google Scholar 

  • Sen AK (1967) Isolation, assurance and the social rate of discount. Quart J Econ 81:112–124

    Article  Google Scholar 

  • Smith A (1759) The theory of moral sentiments. Raphael DD, Macfie AL (eds) Oxford University Press, Oxford (Reprinted in 1976)

    Google Scholar 

  • Smith A (1776) An inquiry into the nature and causes of the wealth of nations. Strahan and Cadell, London

    Google Scholar 

  • Stern N (2006) The economics of climate change. Report to UK Treasury. Available from http://www.hm-treasury.gov.uk/stern_review_report.htm Accessed 23 Jan 2012

  • Thaler R, Shefrin HM (1981) An economic theory of self-control. J Polit Econ 89:392–406

    Article  Google Scholar 

  • Thatcher M (1987) Interview for Woman’s Own, Sept 23

    Google Scholar 

  • Tullock G (1964) The social rate of discount and the optimal rate of investment: comment. Quart J Econ 78:331–336

    Article  Google Scholar 

  • UK Treasury (undated). The green book: appraisal and evaluation in central government. The Stationery Office, London

    Google Scholar 

  • Westoby JC (1962) The role of forest industries in the attack on economic underdevelopment. Unasylva 16:168–201

    Google Scholar 

  • World Commission on Environment and Development (1987) Our common future. Oxford University Press, Oxford

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. 90 Farrar Road, Bangor, Gwynedd, LL57 2DU, UK

    Colin Price

Authors
  1. Colin Price
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Colin Price .

Editor information

Editors and Affiliations

  1. Faculty of Forestry, University of Toronto, Willcocks Street 33, Toronto, M5S 3B3, Ontario, Canada

    Shashi Kant

Rights and permissions

Reprints and permissions

Copyright information

© 2013 Springer Science+Business Media Dordrecht

About this chapter

Cite this chapter

Price, C. (2013). Impatience, Inconsistency, and Institutions to Counter Their Effects on Sustainable Forest Management. In: Kant, S. (eds) Post-Faustmann Forest Resource Economics. Sustainability, Economics, and Natural Resources, vol 4. Springer, Dordrecht. https://doi.org/10.1007/978-94-007-5778-3_6

Download citation

Publish with us

Policies and ethics

Search

Navigation