192. TIME: Principles of Economics online course Lecture 3
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The Concept of Time Preference and Its Impact on Economic Decision Making
This chapter discusses the concept of time preference and how it affects economic decision making. It explains that individuals naturally prefer to have a good or resource now rather than in the future, due to the uncertainty of life and the limited time available. The chapter also explores the idea that all economizing is essentially the economizing of time, with humans seeking to increase the quantity and subjective value of their time on Earth.
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