Discounting has been a long-established intertemporal efficiency tool in cost-benefit analysis which focuses on project selection at communal level with a view to maximising the social welfare. However, with the relentless growth in environmental stress that, in good parts, stems from investment projects the established criterion in discounting appears to be inadequate especially when environmental issues are taken into consideration. This paper looks at how dual focus on efficiency and sustainability can be achieved by using dual discounting, i.e. discounting environmental benefits separately and differently from other costs and benefits and applies this alternative criterion to an afforestation scheme in the United Kingdom which contains carbon sequestration in addition to timber benefits.
Over thirty years ago a debate began as to whether religion in general, or the Judaeo-Christian faith in particular, were in some sense responsible for the present environmental predicament. Islam, as a major world religion which shares the same Abrahamic roots as the Judaeo-Christian tradition, has been largely absent from this debate. Most conservationists now believe that it is essential that there be comprehensive discussion not only of environmental policies, but also of the ethics underlying environmental protection. This paper looks at the importance of the environment in the main sources of Islamic instruction, namely the Koran and Prophet's Hadiths (teachings). These texts turn out to be on the side of conservation, the emphasis being on respect for creation, the protection of the natural order and avoidance of all wasteful activities which may cause injury to the environment. These positions are contrasted with views expressed by political Islam, which has become influential in a large part of the Muslim world and rejects the conservation measures advocated by Western writers.
This paper estimates a social discount rate in India for the purpose of economic evaluation of investment projects, such as those aimed at improving the nation's agricultural performance. The component parameters of this rate are: the growth rate of per capita consumption in real terms, the elasticity of the marginal utility of consumption and the mortality‐based discount rate. Based upon time series data, the overall figure turns out to be 5.2 percent. This, it is contended, is reasonable and may be used in cost benefit analysis in that country.
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