time-preference

Articles with this tag

by Max

January 7 2026
Illustration for The Price of Patience

The Price of Patience

Hoarding is not low time preference; only lending expresses it. Wealth lowers time preference via diminishing marginal utility, not the reverse.

by Max

January 7 2026
Illustration for The Price of Patience

The Price of Patience

Hoarding is not low time preference; only lending expresses it. Wealth lowers time preference via diminishing marginal utility, not the reverse.

by Max

January 13 2026
Illustration for The Consumption You Call Saving

The Consumption You Call Saving

Holding money does not defer gratification but consumes the opportunity cost of lending, making hoarding a present expense rather than proof of low time preference.

by Max

January 4 2026
Illustration for Credit Before Coin: How Markets Bootstrap Sound Money Economies

Credit Before Coin: How Markets Bootstrap Sound Money Economies

Bills of exchange don't just provide elasticity within existing monetary systems; they can bootstrap entire economies that lack base money.