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To all of my friends, and anyone else reading this... A great professor, an excellent and highly respected Austrian economist, Prof. Hans-Hermann Hoppe, has come under attack by the PC-police. In his lecture, Time Preference and Its Implications, he discussed the phenomenon of time-preference, the preferring of present satisfaction over future satisfaction. All human beings have some degree of time-preference; this is inherent in the fact that we act. If we didn't have time-preference, we would never act. A person with a high time-preference has a high preference for present satisfaction (present goods) over future satisfaction (future goods); a person with low time-preference has a low preference for present satisfaction over future satisfaction. ( Read more... ) |
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