-
I think perhaps I understand where I went wrong...I might be muddling personal rates with market-wide rates. The market-wide time preference rate determines the market-wide rate of interest, which influences my personal time preference rate, which influences my personal savings rate. Therefore, rises in market rates of interest set off a chain reaction
-
Hmm, but this seems to be saying that the utility of future goods versus present goods determines the interest rate, while at the same time the interest rate influences the utility people place on future goods versus present goods. Which is it? What am I missing, here?
-
I'm looking over Bob Murphy's Study Guide To Human Action, and in Chapter XIX: Part 3 ("The Height Of Interest Rates"), he summarizes Mises as saying "It is incorrect to say that a higher interest rate draws forth more savings and vice versa. Rather, the discount people place on future goods determines both the amount of saving
-
The solution to this is to be found in the fact that there's no such thing as objective morality. No one has an inherent "right" to be or not to be circumcised. Parents would circumcise or not circumcise their children in a Stateless society based on the incentives or disincentives within the market. :)
-
I'm still not sure I understand why everyone from the non majority "race" would have to disappear?
-
Excellent thoughts, Autolykos. I too am an atheist, but one Christian proverb I appreciate is "Take the log out of your own eye before you worry about the speck in your brother's eye." In other words, whenever I point a finger at someone else, there are always three fingers pointed right back at me. Instead of furiously wondering how people
-
How to Win Libertarian Converts and Influence Voters We are at a crossroads in history. People are increasingly unhappy with the State and are losing faith in its ability to solve major problems. Yet, at the same time, those Americans who say they want limited government are also the ones who want Social Security and Medicare to be untouchable. Support
-
My point is that market forces may be a major contributory factor in why people continue to believe in government.
-
Oh, and to contradict myself a little bit, the other point I wanted to make was that ultimately, as the market takes humans farther and farther away from mere subsistence, and frees up more time for individuals to educate themselves, people might come to understand how stupid government is and withdraw their support from it, meaning that the market's
-
Oops, sorry! Also, I have no idea why on earth the "I" in my last post links to an LRC article. LOL!