In a general way, we can represent the present value of a future good as a function of the time separating the present from this future. In the classical conception, an exponential future discount is stipulated, which implies that the curves corresponding to two distinct future goods, one small and immediate, the other large and more remote, never intersect. According to more recent research, however, it seems that this discount typically takes a hyperbolic form.
Jon ElsterRelated topics
classical conception discount exponential form future general good goods large present research separating small value wayRelated quotes
The Present Age, according to my view of it, stands in that Epoch which in my former lecture I named the THIRD, and which I characterized as the Epoch of Liberation-directly from the external ruling Authority, indirectly from the power of Reason as Instinct, and generally from Reason in any form; the Age of absolute indifference towards all truth, and of entire and unrestrained licentiousness:–the state of completed sinfulness.
Johann Gottlieb Fichte
Know that the figures employed by prophets are of two kinds: first, where every word which occurs in the simile represents a certain idea: and secondly, where the simile, as a whole, represents a general idea, but has a great many points which have no reference whatever to that idea: they are simply required to give to the simile its proper form and order, or better to conceal the idea: the simile is therefore continued as far as necessary, according to its literal sense. Consider this well.
Maimonides
My best wishes, in the joys, and festivities, and the solemn services of that day on which will be completed the fiftieth year from its birth, of the independence of the United States: a memorable epoch in the annals of the human race, destined in future history to form the brightest or the blackest page, according to the use or the abuse of those political institutions by which they shall, in time to come, be shaped by the human mind.
John Adams
Religion is the vision of something which stands beyond, behind and within the passing flux of immediate things; something which is real, and yet waiting to be realized; something which is a remote possibility, and yet the greatest of present facts; something that gives meaning to all that passes, and yet eludes apprehension; something whose possession is the final good, and yet is beyond all reach; something which is the ultimate ideal, and the hopeless quest.
Alfred North Whitehead
I have added some ploughmen to the landscape form the park pales which is a great help, but I must try and warm the picture a little more if I can... but I look to do a great deal better in future. I am determined to finish a small picture in the spot for every one I intend to make in future. But this I have always talked about but never yet done – I think however my mind is more settled and determined than ever on this point.
John Constable