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42 sats \ 3 replies \ @Rothbardian_fanatic OP 7h \ parent \ on: The Cultural Consequences of Inflation econ
No, I don’t think the survivor bias selection would make high time preference people highly successful! Patience is required to make a business go. You start with little to nothing, invest boatloads of time and energy into your enterprise and keep doing it until there is either a return on investment or you see the writing on the wall. It requires a lot of patience which, I surmise, is a low time preference property.
Some small percentage of impatient risk takers will just happen to get a bunch of lucky breaks and they'll have outperformed more patient approaches.
Low time preference strategies are the reliable and replicable ones, but they won't usually be the top performer.
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BTW, there is a saying I picked up somewhere, “When a crazy person and a drunk are arguing, how do you tell which is which?” I think this applies here on SN, too. Just gotta avoid those crazy ones.
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In the economic sphere, being the absolute top performer may attract too much attention from undesirable sources; like the state. Being near the top of the heap is just fine.
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