Calvin & Time Preference



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“We may, if we choose, disregard those persons who might be considered mentally disturbed misers and those with a fanatical fear of not having enough in the future. But then we must also disregard the opposite pathological types who give no thought at all to the future?the wild spenders, the simpletons too dull to conceive of any future worries and those who are depressed by the fear of some serious and imminent danger.”

— Ludwig von Mises, “A Critique of Böhm-Bawerk’s Reasoning in Support of His Time Preference Theory”

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