...John Quiggin Reviews the discount rate controversy, and examines sustainability theory and optimal growth theory, tracing the rise in prominence of the former and the decline of the latter. Presents the rule‐of‐thumb interpretation of sustainability criteria, and proposes a utilitarian approach...

... of discounting generally works against biodiversity conservation, policies may be devised to use discounting to implement land use policies which will take effect in the relatively distant future. The problem with this position is that there are fundamental differences between the choices individuals make...