Ep. 273 The Austrian Theory of Interest, Current and Future
Bob Murphy Show
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The Importance of Understanding Interest
Mises: Austrians often use the term time preference to mean two different things. They think they're simplifying things just to boil it down to the essence when no, they're actually boiling away the reality and distilling it down into something that's artificially fixed. He says if a future flood is coming, then the marginal utility of future goods rises. But Hoppe denies that this can ever be true for any event which might reduce time preference so much that an individual would prefer a negative promise rather than having them in the present.
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