#time-preference
6 items · 6 articles
Articles
Another round of patience
Time preference reveals through lending at interest rates. Hoarding refuses all rates, demanding present possession. Expected gains are speculation, not deferral.
The Consumption You Call Saving
Holding money does not defer gratification but consumes the opportunity cost of lending, making hoarding a present expense rather than proof of low time preference.
The Price of Patience
Hoarding is not low time preference; only lending expresses it. Wealth lowers time preference via diminishing marginal utility, not the reverse.
The Price of Patience
Hoarding is not low time preference; only lending expresses it. Wealth lowers time preference via diminishing marginal utility, not the reverse.
Credit Before Coin: How Markets Bootstrap Sound Money Economies
Bills of exchange don't just provide elasticity within existing monetary systems; they can bootstrap entire economies that lack base money.
The Praxeology of Privacy ~ Chapter 8: Capital Theory and Entrepreneurship
Privacy infrastructure is capital requiring present sacrifice for future capability. Entrepreneurial discovery drives innovation. Markets coordinate heterogeneous privacy tools most effectively.