4. Explain how the concept of hyperbolic discounting might provide an explanation for Pielke’s Iron Law. (3-4 sentences max.)
As per the 'Iron Law' of climate politics quoted by Professor Pielke, the policies aimed at economic upliftment of the society always win over the policies aimed at improving the climatic conditions. This particular phenomeon can be well equated to the concept of hyperbolic discounting, where we can see that the society considers short term economic gain more important than long term environmental gain. They completely understate the fact that taking environmental considerations will reap richer benefits in longer run and environmental exploitations for short term smaller economic goal is cumulatively creating bigger problems. The point raised by Professor Pielke through the Iron Law, inadvertently asking societal forces to rise above the hyperbolic discounting psyche while taking measures for environmental protection.
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