While longtermism is an interesting ethical principle, I believe the consequence of the extent of uncertainty involved with the impact of current decisions on future outcomes has not been fully explored. Specifically, while the expected value may seem reasonable, the magnitude of uncertainty is likely to dwarf it. I wrote a post on it and as far as I can tell, I have not seen a good argument addressing these issues.
https://medium.com/@venky.physics/the-fundamental-problem-with-longtermism-33c9cfbbe7a5
To be clear, I understand the argument of risk-reward tradeoff and how one is often irrationally risk-averse but I am not talking about that here.
One way to think of this is the following: if the impact of an intervention at present to influence long term future is characterized as a random variable X(t) , then, while the expectation value could be positive:
the standard deviation as a measure of uncertainty ,
could be so large that the coefficient of variation is very small:
Further if the probability of a large downside, is not negligible, where , then I don't think that the intervention is very effective.
Perhaps I have missed something here or there have been some good arguments against this perspective that I am not aware. I'd happy to hear about these.
This talk and paper discusses what I think are some of your concerns about growing uncertainty over longer and longer horizons.
This is a very interesting paper and while it covers a lot of ground that I have described in the introduction, the actual cubic growth model used has a number of limitations, perhaps the most significant of which is the assumption that it considers the causal effect of an intervention to diminish over time and converge towards some inevitable state: more precisely it assumes |P(St|A)−P(St|B)|→0 as t→∞, where St is some desirable future state and A and B are some distinct interventions at present.
Please correct me if I am wrong ab... (read more)