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0:00
My name is Graciela
Chichilnisky.
I am a Professor of
Economics and Mathematics
at Columbia University
and a visiting professor
at Stanford University.
In addition to my
job as an academic,
I'm also the co-founder and
Chief Executive Officer
of Global Thermostat,
a company that
makes an appearance
in this presentation later on
because it has a technology
and business plan
that we will be referring to.
0:36
Cost-benefit analysis and
optimal growth theories
exist that do not
discount the future.
Koopmans, representing
the neoclassical view,
wishes the dictatorship of
the present over the future
is counterposed with Ramsey,
who much earlier pointed
out that discounting the
the future emerged from
a lack of imagination
and was not justified
in any way.
A formal theory of
sustainable development
has been developed
that provides:
equal treatment for
future generations,
connecting the present
and the future.
That is, in some sense,
the bulk of my work,
what I have done,
developing the actions and
the applicability of
sustainable development.
1:24
In addition to the sustainable
development actions,
ultimate growth,
and different treatment of
discounting the future,
there is the issue of
the global commons
that leads to a new
form of economics.
A new form of economics
refers to the fact that in
a century, for the first time,
in a geological timescale,
there are, at present,
7.3 billion people
and we are expecting
to reach 9 billion.
Humans have never
been so abundant
on Earth as they are now.
They are competing
for the resources,
making externalities, the impact
that they have on each other,
larger than ever and
creating the need
for the so-called
global commons that
are the natural resources
that we all share
and we all need for survival.
For example, drinkable water,
clean air, and biodiversity.
Those represent food,
water, and air.
Without which, humans
cannot survive.
Out of the issue of
sustainable development
and the preeminence of the global
commons in today's economy,
emerges a new type of economics
that has taken a different route
away from maximizing profits,
and into economic progress that
ensures the survival
of our species,
the human species.
In this context, we still
have to remind ourselves
