Abstract
This article argues against using the practice of discounting and shows that both the time preference and the opportunity cost of capital arguments, put forward to justify discounting, are in conflict when we take the holistic approach to the environment. Both the time preference and the opportunity cost concepts are the tools to support the institution of interest. Using a hierarchical systems approach it is argued that in order to save the super hierarchical system (biosphere as a whole in our case) the contemporary economic system has to renew so that the humanity and global ecosystem may persist.
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