re: Dave’s two posts
I must admit, I’m not as well versed in time preference theory as I’d like to be, but from where I sit right now, that sounds pretty good to me. I especially like the summation
“Interest is neither the impetus to saving nor the reward or the compensation granted for abstaining from immediate consumption…It is the ratio in the mutual valuation of present goods as against future goods.”
as well as
“those are consequences, not defintions.”
I’d be interested to hear from Danny and Jonathan on this.