“The manners and mores that make human society possible also suffer when time preference rises, as broad discounting of the future leads to increased interpersonal conflict. Trade, social cooperation, and the ability of humans to live in close contact with one another in permanent settlements are dependent upon them learning to control their basest, hostile animal instincts and responses, and substituting them with reason and a long-term orientation. Religious, civic, and social norms all encourage people to moderate their immediate impulses in exchange for the long-term benefits of living in a society, cooperating with others, and enjoying the benefits of the division of labor and specialization. When these long-term benefits seem far away, the incentive to sacrifice for them becomes weaker. When individuals witness their wealth dissipate, they rightly feel robbed. The supposed social contract appears to have been torn up, and they question the utility of living in a society and respecting its mores.”

Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak