The Implications of Human Action

When you fully, as we say, unpack the implications of human action, we see contained in it various things. Because if I pursue one action, my pursuit of that action has to come at the expense of some other action that has to be foregone. So we have the idea of cost. And then you can actually go all the way to the idea of diminishing marginal utility. All these things pop out at you when you contemplate human action. Action takes time. We cannot imagine that action doesn't take any time because then our goals would be achieved and we couldn't act. From time preference, the originary interest rate follows. It is the manifestation of time preference. And so