84. Hard money and time preference: Lecture at the Property & Freedom Society
The Bitcoin Standard Podcast
The Decline of Time Preference for Humanity
The future can only come through successfully securing survival in the present. The higher valuation of present goods is a permanent fixture of human action. As individuals begin to increasingly value their increasingly secure future, they are more likely to act with the future in mind. A man who commands a valuable good that can be used in the future reduces the uncertainty that surrounds his future and becomes less likely to discount itLess certainty allows them to lower their time preference and engage in more savings future provision. Providing for the future suffers from the problem of coincidence of wants,. You don't know what exactly you are going to want in the future. Money solves this by saving the most liquid good, or the most salable
