Economic Principle #4
It takes capital to fund any transition. It may take mostly time, but this surely is capital. If you are not allocating it today in terms of what you want tomorrow then you suffer from what Mises called high time preference. Those who have high time preference much prefer present consumption to future consumption. They buy what they want. They pay for present consumption with reduced future consumption.
It takes capital to fund any transition. It may take mostly time, but this surely is capital. If you are not allocating it today in terms of what you want tomorrow then you suffer from what Mises called high time preference. Those who have high time preference much prefer present consumption to future consumption. They buy what they want. They pay for present consumption with reduced future consumption.
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