pull down to refresh
209 sats \ 6 replies \ @Undisciplined 8 Apr \ on: Time preference - Mises Wiki econ
I would say it a little bit differently.
Monetary policies have differential impacts on people based on their time preferences. Inflationary monetary policies relatively benefit those with high time preference, while deflationary monetary policies relatively benefit those with low time preference.
You're absolutely right, though, that it isn't that one time preference is better than the other, just like different preferences for desserts aren't better or worse.
Where that gets a little murky is that low time preference generally leads to greater prosperity. Since pretty much everyone prefers greater prosperity, that sort of makes it seem like low time preference is morally superior.
Inflationary monetary policies relatively benefit those with high time preference, while deflationary monetary policies relatively benefit those with low time preference.
Its curious how this overlaps culture. Clearly there is some type of correlation between "clown world culture" and fiat induced inflationary spiral.
A rather clear view is how modern companies no longer need to be worried about profit or even nominally satisfying their customers (see. NFL, Disney, etc). This is because artificially low interest rates and other Cantillion-effects provides an easier path for capital accumulation than does the hard work of satisfying customers.
However, I suspect this also spirals out into less clearcut, more murky effects. For instance the push towards abortion, the general animus against traditional nuclear family, the push against biological gender roles, etc...all in some ways are connected to the "high time preference" reward structure....albeit much less rigidly apparent.
reply
Have you read any of Hoppe's writing about how the state distorts culture? He touches on a lot of those topics and a bunch of others.
reply
reply
It took me a while to figure out where he got into this in the most detail. I couldn't find an article or essay that just focused on culture, but in Democracy: the God that Failed he discusses cultural distortions pretty extensively.
This is also his most famous work, so it's a good place to start anyway.
reply
Agreed. That book made me think. Always the sign of a worth while book.
reply
BLM antifa
reply