84. Hard money and time preference: Lecture at the Property & Freedom Society
The Bitcoin Standard Podcast
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The Art of Time Preference
When money is hard and can appreciate, individuals are likely to be very discerning about what they spend it on. With cash burning a hole in their pockets, consumers are less picky about the quality of what they buy. The sistine chapel was painted by michael angelo but could have been done by my five-year-old daughter if she had just given her bucket of yellow and red paint. Artists don't have the ability to spend time producing something that is of such high quality as the sistine chapel.
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