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You Care Less About Yourself in Ten Years Time Than You Do About Your Self in One Year's Time
It's an interesting question, why it is that human beings do care about one particular person in the future, their future selves. The reason to care less about your future self is because there's less of you around. You care less about yourself in ten years time than you do about yourself in five years time. And that impatience, as i say, is partially, though obviously only partially, one of the explanations for why we have positive real interest rates.