“Hope” Is The Thing
With Feathers
“Hope” is the thing
with feathers
That perches in the
soul
And sings the tune
without the words
And never stops - at
all
Hope is the belief that there is a future.
As I said in an earlier blog post , https://dbeagan.blogspot.com/2022/07/faith.html, the three biblical virtues are Faith, Hope, and Love, and the greatest was claimed to be Love. I previously made a pitch for Faith, trust, because without trust, you may not accept Love. I also want to make a pitch for Hope in the future, because without it there is no point to Love.
I have a special fondness for
Hope. As a native Rhode Islander, I know that Hope not only is the shortest American State
motto, but in the Greek myth, Pandora opened the chest which released evil into
the world, but remaining in the chest was Hope. Hope is a belief that there is
a future. And it is the future of the group, not oneself. Old men plant trees
that won’t bloom until long after they are gone because their hope is for the
group, not themselves.
A problem with valuing the future is that we also know that as individuals we have a limited life. But the value of the future should not depend on our age. A 5-year old toddler, thinks that their next birthday is a long way off because each birthday is 1/5 of their life. They do not think of how many birthdays they will experience. A 20-year old’s next birthday is 1/20 of their life but they might reasonably expect that it is merely one of 60 more that they will experience. A 70 year old's next birthday is only 1/70 of their life, but it is only one of 10 more that they might expect to have. However the group may celebrate your birthday long after you have departed. Is the next birthday “A long way off” as a toddler might think, or “Not so far away, but only a few more of them” as the elderly like to think.
|
Self |
Self |
Group |
Self |
Group |
Age in years |
5 |
20 |
20 |
70 |
70 |
Expected number of birthdays to come |
75 |
60 |
60 |
10 |
10 |
Value of next birthdays based on age |
0.83 |
0.95 |
0.95 |
0.99 |
0.99 |
If only your life matters |
.94 |
0.75 |
1.00 |
0.125 |
1.00 |
Effective net value of next birthday |
0.78 |
0.71 |
0.95 |
0.125 |
0.99 |
Implied Interest Rate for Future |
29% |
40% |
5% |
700% |
1% |