Fonner on the Importance of Time Preference
While looking over recent posts of Terry Teachout’s blog About Last Night, I came across a quotation from Eric Hoffer Teachout posted:
“One wonders whether a generation that demands instant satisfaction of all its needs and instant solution of the world’s problems will produce anything of lasting value. Such a generation, even when equipped with the most modern technology, will be essentially primitive—it will stand in awe of nature, and submit to the tutelage of medicine men.”
Eric Hoffer, Reflections on the Human Condition
The characteristic mark of economic history under capitalism is unceasing economic progress, a steady increase in the quantity of capital goods available, and a continuous trend toward an improvement in the general standard of living.
Source: http://foundationsofecon.blogspot.com/2018/12/fonner-on-importance-of-time-preference.html
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