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407. Discussing Communism in All its Glory | Michael Malice
The Jordan B. Peterson Podcast
Impact of Time Preference on Decision Making and Society
The concept of time preference affects decision making, as seen in individuals with high time preference who prioritize immediate gratification over long-term planning. This is evident in situations where people in poverty prioritize meeting their immediate needs over pursuing long-term goals such as education. The stability of society is also affected by time preference, as uncertainty about the future value of currency hinders long-term planning and contracts. Additionally, inflation can penalize conscientious individuals who prioritize long-term planning by eroding the value of future commitments.
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