Time preference - Revision history

Pesterbot: /* Links */External Links to Links, replaced: ==External links== → ==Links==

2011-06-21T19:23:54Z

Links: External Links to Links, replaced: ==External links== → ==Links==

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	==~~External links~~==		==Links==
	* [[Wikipedia:Time preference\|Time preference]] on Wikipedia		* [[Wikipedia:Time preference\|Time preference]] on Wikipedia
	* [http://mises.org/daily/4011 Of Time and Marshmallows] by J. Grayson Lilburne		* [http://mises.org/daily/4011 Of Time and Marshmallows] by J. Grayson Lilburne

96.244.153.100 at 14:10, 16 February 2011

2011-02-16T14:10:29Z

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	'''Time preference''' is the assumption that all people prefer a given end to be achieved sooner rather than later. In the Misesian school it is derived from the assumption about [[human action]]. If people did not prefer to attain their ends sooner rather than later they would never act. The further in the future the attainment of the end appears to be, the less preferable it is. The less waiting [[time]], the more preferable is the end.		'''Time preference''' is the assumption that, all else being equal, people prefer a given end to be achieved sooner rather than later. In the Misesian school it is derived from the assumption about [[human action]]. If people did not prefer to attain their ends sooner rather than later they would never act. The further in the future the attainment of the end appears to be, the less preferable it is. The less waiting [[time]], the more preferable is the end.

	It may be called the preference for present satisfaction over future satisfaction or present good over future good, provided the same satisfaction (or [[good]]) is compared over periods of time.<ref name="Rothbard_Time">Murray N. Rothbard. [http://mises.org/rothbard/mes/chap1b.asp "4. Further Implications: Time"], Chapter 1-Fundamentals of Human Action, ''[[Man, Economy and State]]'', online edition, referenced 2010-01-10</ref>		It may be called the preference for present satisfaction over future satisfaction or present good over future good, provided the same satisfaction (or [[good]]) is compared over periods of time.<ref name="Rothbard_Time">Murray N. Rothbard. [http://mises.org/rothbard/mes/chap1b.asp "4. Further Implications: Time"], Chapter 1-Fundamentals of Human Action, ''[[Man, Economy and State]]'', online edition, referenced 2010-01-10</ref>

RayBirks: move TofC to the upper right corner

2011-02-09T17:17:55Z

move TofC to the upper right corner

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RayBirks: /* Time Preference and the Process of Civilization */ wikify

2011-02-09T17:16:22Z

Time Preference and the Process of Civilization: wikify

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	==Time Preference and the Process of Civilization==		==Time Preference and the Process of Civilization==
	Hans-Hermann Hoppe states that a time preference low enough to allow for production of capital goods initiates the “process of civilization” - a positive feedback loop where time preferences perpetually decrease due to the accumulation of capital, the increase of the relative value of future goods, the further division of labor, and lengthening of life expectancies.<ref name="Hoppe6">Hoppe, Hans-Hermann. ''Democracy: The God that Failed: The Economics and Politics of Monarchy, Democracy, and Natural Order'' (Transaction Publishers, 2001), 6-7.</ref> This process will continue indefinitely, as long as private property is respected.<ref name="Hoppe10">Hoppe, ''Democracy: The God that Failed'', 10.</ref> State violations of property rights are continuous and perpetual, therefore the state acts as a de-civilizing force upon society.<ref name="Hoppe13">Hoppe, ''Democracy: The God that Failed'', 13.</ref>		[[Hans-Hermann Hoppe]] states in his 2001 ''[[Democracy: The God That Failed]]'' that a time preference low enough to allow for production of capital goods initiates the “process of civilization” - a positive feedback loop where time preferences perpetually decrease due to the accumulation of capital, the increase of the relative value of future goods, the further [[Labor#Division of Labor\|division of labor]], and lengthening of life expectancies.<ref name="Hoppe6">Hoppe, Hans-Hermann. ''Democracy: The God that Failed: The Economics and Politics of Monarchy, Democracy, and Natural Order'' (Transaction Publishers, 2001), 6-7.</ref> This process will continue indefinitely, as long as private property is respected.<ref name="Hoppe10">Hoppe, ''Democracy: The God that Failed'', 10.</ref> [[Intervention\|State violations of property rights]] are continuous and perpetual, therefore the state acts as a de-civilizing force upon society.<ref name="Hoppe13">Hoppe, ''Democracy: The God that Failed'', 13.</ref>

	==References==		==References==

Daniel Hewitt at 14:33, 9 February 2011

2011-02-09T14:33:49Z

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	The thrust of the [[Austrian Business Cycle Theory]] is that credit inflation distorts this process, by making it appear that more means exist for current production than are actually sustainable. Since this is in fact an illusion, the endeavors of entrepreneurs to create a structure of production not reflecting actual consumer time preferences (as manifested in available savings for the purchase of producer goods) must end in failure.<ref name="Mahoney_preference">Dan Mahoney. [http://mises.org/story/672 "Austrian Business Cycle Theory: A Brief Explanation"], Mises Daily, May 07 2001, referenced 2010-01-10.</ref>		The thrust of the [[Austrian Business Cycle Theory]] is that credit inflation distorts this process, by making it appear that more means exist for current production than are actually sustainable. Since this is in fact an illusion, the endeavors of entrepreneurs to create a structure of production not reflecting actual consumer time preferences (as manifested in available savings for the purchase of producer goods) must end in failure.<ref name="Mahoney_preference">Dan Mahoney. [http://mises.org/story/672 "Austrian Business Cycle Theory: A Brief Explanation"], Mises Daily, May 07 2001, referenced 2010-01-10.</ref>

			==Time Preference and the Process of Civilization==
			Hans-Hermann Hoppe states that a time preference low enough to allow for production of capital goods initiates the “process of civilization” - a positive feedback loop where time preferences perpetually decrease due to the accumulation of capital, the increase of the relative value of future goods, the further division of labor, and lengthening of life expectancies.<ref name="Hoppe6">Hoppe, Hans-Hermann. ''Democracy: The God that Failed: The Economics and Politics of Monarchy, Democracy, and Natural Order'' (Transaction Publishers, 2001), 6-7.</ref> This process will continue indefinitely, as long as private property is respected.<ref name="Hoppe10">Hoppe, ''Democracy: The God that Failed'', 10.</ref> State violations of property rights are continuous and perpetual, therefore the state acts as a de-civilizing force upon society.<ref name="Hoppe13">Hoppe, ''Democracy: The God that Failed'', 13.</ref>

	==References==		==References==

Six: /* Grammatical fixes and clarification */

2010-12-11T12:15:20Z

Grammatical fixes and clarification

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	==Preference for future goods==		==Preference for future goods==
	It is sometimes objected, that future ~~goods~~ may be ~~more~~ preferred. For example, in winter ~~will~~ a man care little for ice, but ~~will crave to have~~ it in summer. But a [[good]] is not an item with certain material properties. ~~The~~ good "ice-in-the-summer" provides different (and greater) satisfactions than "ice-in-the-winter", they are different goods. In this case, different ~~satisfactions~~ are being compared, ~~while~~ the physical ~~property of the thing may be the same~~.<ref name="Rothbard_Time" />		It is sometimes objected that goods in the future may be preferred to the same good in the present. For example, in winter, a man will care little for ice, but would prefer it in the summer. But a [[good]] is not an item with certain material properties; this is merely a convenient description for goods under most circumstances. However, a good is identified by its function and extent of the satisfaction it provides. As the good "ice-in-the-summer" provides different (and greater) satisfactions than "ice-in-the-winter", they are different goods. In this case, different goods are being compared, even though ice has the same physical composition whether in winter or summer. <ref name="Rothbard_Time" />

	==Savings and Time preference==		==Savings and Time preference==

Six: Capitalising 'misesian' to 'Misesian'

2010-12-11T12:09:08Z

Capitalising 'misesian' to 'Misesian'

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	'''Time preference''' is the assumption that all people prefer a given end to be achieved sooner rather than later. In the ~~misesian~~ school it is derived from the assumption about [[human action]]. If people did not prefer to attain their ends sooner rather than later they would never act. The further in the future the attainment of the end appears to be, the less preferable it is. The less waiting [[time]], the more preferable is the end.		'''Time preference''' is the assumption that all people prefer a given end to be achieved sooner rather than later. In the Misesian school it is derived from the assumption about [[human action]]. If people did not prefer to attain their ends sooner rather than later they would never act. The further in the future the attainment of the end appears to be, the less preferable it is. The less waiting [[time]], the more preferable is the end.

	It may be called the preference for present satisfaction over future satisfaction or present good over future good, provided the same satisfaction (or [[good]]) is compared over periods of time.<ref name="Rothbard_Time">Murray N. Rothbard. [http://mises.org/rothbard/mes/chap1b.asp "4. Further Implications: Time"], Chapter 1-Fundamentals of Human Action, ''[[Man, Economy and State]]'', online edition, referenced 2010-01-10</ref>		It may be called the preference for present satisfaction over future satisfaction or present good over future good, provided the same satisfaction (or [[good]]) is compared over periods of time.<ref name="Rothbard_Time">Murray N. Rothbard. [http://mises.org/rothbard/mes/chap1b.asp "4. Further Implications: Time"], Chapter 1-Fundamentals of Human Action, ''[[Man, Economy and State]]'', online edition, referenced 2010-01-10</ref>

Pestergaines at 23:42, 16 November 2010

2010-11-16T23:42:40Z

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	'''Time preference''' is the assumption that all people prefer a given end to be achieved sooner rather than later. In the misesian school it is derived from the assumption about human action. If people did not prefer to attain their ends sooner rather than later they would never act. The further in the future the attainment of the end appears to be, the less preferable it is. The less waiting [[time]], the more preferable is the end.		'''Time preference''' is the assumption that all people prefer a given end to be achieved sooner rather than later. In the misesian school it is derived from the assumption about [[human action]]. If people did not prefer to attain their ends sooner rather than later they would never act. The further in the future the attainment of the end appears to be, the less preferable it is. The less waiting [[time]], the more preferable is the end.

	It may be called the preference for present satisfaction over future satisfaction or present good over future good, provided the same satisfaction (or [[good]]) is compared over periods of time.<ref name="Rothbard_Time">Murray N. Rothbard. [http://mises.org/rothbard/mes/chap1b.asp "4. Further Implications: Time"], Chapter 1-Fundamentals of Human Action, ''[[Man, Economy and State]]'', online edition, referenced 2010-01-10</ref>		It may be called the preference for present satisfaction over future satisfaction or present good over future good, provided the same satisfaction (or [[good]]) is compared over periods of time.<ref name="Rothbard_Time">Murray N. Rothbard. [http://mises.org/rothbard/mes/chap1b.asp "4. Further Implications: Time"], Chapter 1-Fundamentals of Human Action, ''[[Man, Economy and State]]'', online edition, referenced 2010-01-10</ref>

128.135.235.248 at 17:23, 16 November 2010

2010-11-16T17:23:32Z

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	~~All~~ people prefer a given end to be achieved sooner rather than later. ~~This~~ is the ~~universal fact of '''time preference'''~~. The further in the future the attainment of the end appears to be, the less preferable it is. The less waiting [[time]], the more preferable is the end.		'''Time preference''' is the assumption that all people prefer a given end to be achieved sooner rather than later. In the misesian school it is derived from the assumption about human action. If people did not prefer to attain their ends sooner rather than later they would never act. The further in the future the attainment of the end appears to be, the less preferable it is. The less waiting [[time]], the more preferable is the end.

	It may be called the preference for present satisfaction over future satisfaction or present good over future good, provided the same satisfaction (or [[good]]) is compared over periods of time.<ref name="Rothbard_Time">Murray N. Rothbard. [http://mises.org/rothbard/mes/chap1b.asp "4. Further Implications: Time"], Chapter 1-Fundamentals of Human Action, ''[[Man, Economy and State]]'', online edition, referenced 2010-01-10</ref>		It may be called the preference for present satisfaction over future satisfaction or present good over future good, provided the same satisfaction (or [[good]]) is compared over periods of time.<ref name="Rothbard_Time">Murray N. Rothbard. [http://mises.org/rothbard/mes/chap1b.asp "4. Further Implications: Time"], Chapter 1-Fundamentals of Human Action, ''[[Man, Economy and State]]'', online edition, referenced 2010-01-10</ref>

Forgottenman: /* External links */Category:Economical Concepts --> Category:Economic concepts using AWB

2010-11-09T18:02:52Z

External links: Category:Economical Concepts --> Category:Economic concepts using AWB

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	* [http://www.newyorker.com/reporting/2009/05/18/090518fa_fact_lehrer?currentPage=all Don’t! The secret of self-control.] by Jonah Lehrer. A study on time-preference.		* [http://www.newyorker.com/reporting/2009/05/18/090518fa_fact_lehrer?currentPage=all Don’t! The secret of self-control.] by Jonah Lehrer. A study on time-preference.
	* [http://mises.org/daily/4212 Some Applications of the Time-Preference Theory] by Ludwig von Mises		* [http://mises.org/daily/4212 Some Applications of the Time-Preference Theory] by Ludwig von Mises
	[[Category:~~Economical Concepts~~]]		[[Category:Economic concepts]]