84. Hard money and time preference: Lecture at the Property & Freedom Society
The Bitcoin Standard Podcast
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The Importance of Time Preference
As humanity progresses into using monitary media that are harder to produce, our ability to provide for our future increases. The security of money as a medium of saving has allowed countless people to escape the ravages of war and disaster with wealth they could easily transport world wide. In modern easy money economy, cash is trash, as every investment manager knows. People instead, hold the equivalent of their savings in government bonds or low risk investment stocks. As time preference declines, the more individuals are likely to defer consumption. And the lower the time preference, the less they consume, and the more resources they will have to save and to invest. This virtuous cycle can be understood as the process of civili
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