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Fishkin
Review by: Gregory S. Kavka
Ethics, Vol. 104, No. 1 (Oct., 1993), pp. 184-186
Published by: The University of Chicago Press
Stable URL: http://www.jstor.org/stable/2381710 .
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184
Ethics
October1993
Book Reviews
185
The essays range so broadly that few specificissues are treatedby more
than one author. There are, however, two multiplydiscussed issues worth
mentioningin this briefreview. One concerns the practicalfeasibilityof any
social policy aimed at increasingsavings for futuregenerations.In an article
thatis destinedto become a classic (and should be required reading forgraduate studentsin economics as well as philosophy),Parfitand Cowen contend
that the standard practice of economists and social planners of discounting
futureutilitiesof society's(present and future) members is as littlejustified
as would be a "spatial"discountratethatdiscountedpeoples' utilitiesaccording
to theirspatial distance fromthe decision maker.They demonstratethatmost
of the familiarargumentsfortime discounting(e.g., uncertainty,democracy
are arguments for distinctprinciples that often significantlydiverge from
time discounting in their implications. In the course of their discussion
(pp. 157-58), Parfitand Cowen respond to Epstein's essay. Epstein argues
that any governmentpolicy for increasing savings for futuregenerationsis
bound to fail,because the more support people expect their descendantsto
receive frompublic funds,the less of their privatefundstheywill pass on to
theirheirs(and the moretheywillconsume in theirown lifetimes).In response,
Parfitand Cowen correctlynote thatany reductionin privatebequests would
not fullyoffsetthe increased public savings,because parents care about thei
not simplytheirchildrenbeing supported. (To prove
theirchildren,
supporting
the point, I invite Epstein to call my parents-who live in the same cityas
he does-and convince them to spend theirsavingson theirown retirement
ratherthan leaving a legacy to theirchildrenwho are now perfectlycapable
of providingfor themselves.I am confidenthe would be no more successfu
in this endeavor than I have been.)
The second point thatseveralauthorstouch on, thoughfromquite differ
ent angles, concerns relationsofjustice among currentsuccessivegenerations
Fishkin discusses the problems raised by successive population cohorts of
differentsizes (e.g., baby boomers and their children) and notes the added
burden a smaller later cohort will have supporting a larger earlier cohort
whichis in retirement(pp. 72-73). But he failsto point out thatthe negative
effectsof this burden will vary greatlydepending on how many childrenthe
smallercohortproduces: moreretiredpersonscan be supportedwithtolerable
sacrificeif fewerresource-absorbingchildrenare present.Even having fewer
children will provide little relief, however, if the per capita resources the
elderlyrequire are increasing.Thomson claims that theyare increasing(pp.
224-25), as part of a general patternin which the recentlyretired(or about
to retire) generation has been doubly favored by welfare-statepolicies that
favored the young while they were young, and favor the old now that they
are old. Add to this Epstein's observation that a large portion of current
budget deficitsare used to providepresentconsumption,and hence constitut
transfersto presentgenerationsfromfutureones, and a bleak pictureemerges
regardingprovidingforfuturegenerationsin the immediatefuture.Current
young people, in the years ahead, will be asked to sacrificeboth (i) to help
numerous retired persons who benefitedat their expense in the past from
governmentprogramsfor the young that are no longer available and from
enormous deficitspending and (ii) to help leave resources for futuregenerations. If, under the circumstances,they claim they are being asked to make
186
Ethics
October1993
University
ofCalifornia,Irvine