PROJECT M
 

Collingwood’s acorns

Long-term investments may require patience, but their results are often more predictable than in the short term

Con Keating
© Tobias Wibbeke

Collingwood’s acorns

Long-term investments may require patience, but their results are often more predictable than in the short term

Con Keating

Precautionary principle

The Precautionary Principle appears in many official statements after being translated into English from the German term Vorsorgeprinzip in the 1980s. In some of the stronger forms, it could lead to paralysis and an absence of economic advancement. Con Keating suggest that the appropriate criterion is that it should be invoked when there is a possibility of ruin, however small. But, he notes, summing even small likelihoods of ruin over time will lead to ruin with certainty

Defining long-term

As individuals, our long term may be our lifetime, or that of our children, but with institutions the long term may amount to hundreds of years. Consider Balliol College which has existed for 750 years, or the Catholic Church, whose vision is literally apocalyptic. in the UK, the legal form used for the long term is often “the reign of her majesty, Queen elizabeth, her heirs and successors”

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