The Southern Journal of Philosophy, Volume 59, Issue 3, Page 270-308, September 2021.

The Norwegian state-owned Petroleum Fund's market value is more than one trillion US dollars, and the Norwegian state has become one of the world's largest stockowners. The Fund was established in 1990 and in 2006 and renamed the ‘Government Pension Fund Global’, as savings for future generations. What kind of values form the basis for describing the Petroleum Fund in this way? This article shows that the idea that present generations should not empty the North Sea of oil and gas (...) without saving something for future generations has been stable since the 1970s. However, over time, the understanding of how to save has changed. More specifically experts, bureaucrats and politicians have shifted their arguments during four phases: moderation in oil extraction (1974–1983); introduction of the national wealth model (1984–1990); a financial fund for the present and the future (1991–2006); and increased income and new protests (2007–2019). These four periods show that over time the idea of weak sustainability and value commensurability have increasingly come to dominate the argumentation in public documents about the Petroleum Fund. (shrink)

This essay examines the issue of false assumptions in models via a case study of a prominent economic model of sustainable development, wherein the assumption of an infinite future plays a central role. Two proposals are found to be helpful for this case, one based on the concept of derivational robustness and the other on understanding. Both suggest that the assumption of an infinite future, while arguably legitimate in some applications of the model, is problematic with respect to what I (...) call “Parfitian” welfare functions. This result is relevant to debates about discounting the future in economics and environmental ethics. (shrink)

Fish stocks, as common pool resources, are more and more managed by giving fishermen exclusive access rights as Individual Transferable Quotas (ITQ). These have been widely discussed, with focus on social, economic and ecological issues. While equity aspects have been of great concern, there is very limited analysis about how to assess issues of equity and fair distribution when introducing ITQs. This paper applies an existing framework for assessing equity in resource use systems to tradable quota systems in fisheries. The (...) framework defines the perspectives of distributive fairness, the stakeholders who are bound by fair practice rules, and instruments of fairness, and identifies metrics to assess equity in practice. We assess if the framework provides practical guidance for evaluating whether a given ITQ system operates under an equitable framework programme. (shrink)