Hi guys. I’ve just starting studying “Man, Economy and State” and I’d like to post my replies to the study guide questions. So why don’t we all participate, add our own answers and correct each other? I see that for many of you, the questions are very basic indeed but for a beginner, they are just right for ensuring progress.
Good idea huh?
As a newcomer to economics, it’s a rocky road to traverse. In my country (Spain) I find that I am alone with any sympathy towards free market, deregulation, gold standard etc. I would like to learn to argue well for the Austrian perspective. I hope that this forum could be a useful too with regard to that aim.
Suppose that a boy, on June 4, is offered the choice of seeing a fireworks show
that day, or in exactly one month. If the boy chooses the show in the future, has
he violated the law of time preference?
My answer:
He has. It is better to have something now than later. Although it’s also true that there are many other factors. He values something else at the time and therefore puts off the fireworks show because he prefers to do another activity, in the belief that in one month, there will be another, less desirable alternative.
Ok
BrendanC