This paper carries out a numerical thought experiment on greenhouse gas abatement. The main results can be summarized as follows: first, a high degree of intergenerational altruism might support 'sustainable' atmospheric carbon concentration, but imposes high welfare losses on current...

Are modern democracies capable of preserving the constituent of liberty and the natural basis of human existence in the long-run? The achievement of these aims requires political actions toward fundamental changes in modern societies. The respective political actors have to develop long-term...