From it being a slave mindset used by masters to exploit you
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Replying to @arthur_affect @capoczino and
Why is low time preference a slave mindset used by masters for exploitation? (Remark: That's not a rhetorical question, because perhaps I don't know the meaning of "time preference".)
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Replying to @Snark150 @capoczino and
"Low time preference" is economist jargon for the attitude better known by laypeople as "Just hold on, the check's in the mail"
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Replying to @arthur_affect @capoczino and
1/2 Thank you. That helped me to search more: "Generally, a high time preference is associated with a low will to renounce to the present gratification in order to obtain a benefit in the future. ...
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Replying to @Snark150 @arthur_affect and
2/2 ... On the contrary, consumers with low time preference are more willing to undertake short-term costs to get future improvements." (Source: http://centmapress.ilb.uni-bonn.de/ojs/index.php/proceedings/article/view/1323 …)
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Replying to @Snark150 @arthur_affect and
So, as a layperson, I would associate (non-judgmentally) "impatience" with high time preference and "patience" with low time preference.
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Replying to @Snark150 @arthur_affect and
I have a "time preference" with time as an adjustable parameter which is determined e.g. by the response times of the processes which I am dealing with. There are processes which don't have the consciousness required to exploit and/or enslave anybody.
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Replying to @Snark150 @capoczino and
The point is that people who exhort you to "lower your time preference" are usually making a statement about predicting the future they have no right to make
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Replying to @arthur_affect @Snark150 and
You're right that I'm not just bloodlessly describing the objective definition of the term "time preference" as used by economists, I'm addressing the culty way it's exploded 20,000x in daily usage by members of the Bitcoin cult
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Replying to @arthur_affect @Snark150 and
In which they use the term in the exact same classic way that other cults have used similar terms like "faith"
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(Indeed the classic proverb "A bird in the hand is worth two in the bush", which is often cited as an illustration of the concept of "temporal discounting", gets a whole aside in Pilgrim's Progress where they talk about how that proverb came from the Devil to lead men to Hell)
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Replying to @arthur_affect @Snark150 and
Dude, low time preference does not mean to never do anything. If opportunity comes your way, seize it. But what we are criticising is not people using the "bird" in their hand but flinging "poop" (i. e. mal investments because money degrades in value and must be used NOW)
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Replying to @capoczino @Snark150 and
Forcing rich people to spend their wealth instead of hoarding it is a feature of the system and, judging by how much they're sitting on in assets, one we're not pushing nearly hard enough (inflation right now is far too LOW)
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