Ludwig Von Mises And The Austrian Theory Of Money, Banking, And The Business Cycle, part 2

Source: Cobden Centre
by Dr. Richard M Ebeling

“Sometimes, individuals find themselves with differing time preferences. One person has less means at his disposal for some project that he would like to undertake over time, the desired outcome of which would not be until some point in the future. Another individual, however, might be willing to defer using some of his available means today for a desired end if there is a financial incentive to wait to use them until sometime in the future. In the old Popeye-the-Sailor cartoons, Wimpy would say, ‘I will gladly pay you Tuesday for a hamburger today.’ But the person asked to wait until Tuesday to be paid by Wimpy for that hamburger might reasonably reply, ‘Why should I forgo eating that hamburger myself today, or not selling it to someone else willing to pay for it right now?'” (06/06/24)