This book is an unprecedented consideration of the challenges of what we can do for generations yet to come. Many growing intergenerational conflicts of interest, such as climate change and fiscal sustainability, are the result of the historically new progress of increasing human power, and the resolution of those conflicts demands a new intergenerational ethic. The book offers fresh new ideas for resolving intergenerational conflicts through the exploration of an entirely new field, conceptualized in philosophy, developed in economics, and tested in experiments. Inparticular, this work develops the theory of intergenerational cooperation based on a new relationship of direct reciprocity between generations. From experimental results, the possibility of intergenerational cooperation through Kantian categorical imperative is shown. The book also examines the effectiveness of inviting representatives of future generations, which are called "imaginary future generations", into the deliberations for current policy decisions.

 

The original Japanese edition of this book was awarded the 66th Nikkei Prize for Excellent Books in Economic Science. The prize was established in 1958 to contribute to the advancement of academics and knowledge in the fields of economics, management, and accounting, as well as to its general dissemination and application.

Dr. Toshiaki Hiromitsu is Visiting Scholar, Policy Research Institute, Ministry of Finance, Government of Japan, and he is also Minister, Embassy of Japan in the United States. He is both a researcher and a high-ranking government official of Japan. He has worked for applying academic methods to elucidate policy concerns that arise from his professional experience. His professional work is reflected in this study of intergenerational issues. His recent experience includes issues from fiscal consolidation plans to the design of policies for decarbonization. Intergenerational conflicts of interest are the central issue in these policy agendas. He has applied both philosophy and economics including experimental economics to these issues and has proposed methodologies for resolving intergenerational conflicts. The results have been published as academic articles in English. These articles, together with original ideas for the new publication, have been published as a book on intergenerational issues (2022) in Japan, and the book was awarded the 66th Nikkei Prize for Excellent Books in Economic Science. His publication includes studies of philosophy as well as of economics. He has written a philosophical dialogue (2021), which has been published in a book together with works of philosophers.

After earning B.A. in Liberal Arts from the University of Tokyo, Dr. Hiromitsu obtained M.Phil. in Economics from the University of Oxford and Ph. D. in Economics from Hitotsubashi University. His field of studies are macroeconomics, political economy, behavioral economics, political philosophy. He is the editor of the most popular textbook on public finance among university students. His book on intergenerational issues was awarded the 66th Nikkei Prize for Excellent Books in Economic Science.

In his public service, Dr. Hiromitsu has held diverse responsibilities related to finances. His work concerns the overall coordination of fiscal and monetary policy, budget of social welfare expenditures, economic package for COVID-19, government loans to local governments and medical institutions, and supervision of government-affiliated financial institutions. His experience includes services at the World Bank in Washington, D.C. (2000-2003), the Prime Minister's Office (2011-2013), and the Reconstruction Agency for the Great East Japan Earthquake (2013-2015).

 

Introduction.- Duty and Reciprocity in Intergenerational Ethics.- Developing Intergenerational Cooperation Based on Public Reciprocity - Intergenerational Cooperation through the Kantian Categorical Imperative.- Considerations for Policy Decisions Involving Multiple Generations - An Examination through an Economic Experiment on Fiscal Policy.- The Meaning of Equal Treatment of Present and Future Events - Time Discounting.- Conclusion.