Time preference is a useful concept in economics, but not the way Saifedean misuses it, which #Cryptoeconomics debunks.
https://github.com/libbitcoin/libbitcoin-system/wiki/Speculative-Consumption
https://github.com/libbitcoin/libbitcoin-system/wiki/Time-Preference-Fallacy
From the chapter on speculative consumption:
Cheers man , trying to wrap my skull around this ...
The time preference thing seems like it’s splitting hairs. What exactly does Saif say about time preference that’s so wrong?
I don't know, I didn't read the book.
Imo having a word for this is incredibly valuable because it describes a very important concept that fundamentally comes down to: we can choose to build or destroy civilization with our actions. There are rare exceptions where high time preference makes sense such as emergencies.
I’m not so sure what Saif said that was wrong? I’ve heard him basically say high time preference in wartime makes sense but generally is not preferable. That seems aligned with nostr:npub1cpstx8lzhwctunfe80rugz5qsj9ztw8surec9j6mf8phha68dj6qhm8j5e’s links.
