Re:Bitcoin's mining difficulty has increased by 41.9% over t...
by crdoconnor on Tuesday December 22, 2015 @08:36AM
(#10777640)
>the opposite straw man idea of extremely high time preferences that favor immediate consumption is a convincing line of argument (indeed, the latter cannot be true for it would make capital investment an impossibility).
Under the neoclassical synthesis capital investment is done purely by investors who have a positive time preference but are being paid enough to offset their desire to spend absolutely all of their money right this second.
It's kind of dumb.
The three activities you list in parentheses apply only for those goods, and do not even imply a negative time preference. Saving doesn't have to be a result of negativity at all, per se.