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
You cannot drag a definition of an economic behaviour through the mud by calling it "white-supremacist" or master/slave mindset. That's absolutely bs you are fabricating. Economic behaviour is navigating an uncertain environment. Low time preference can give you an advantage here
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Temporal discounting/high time preference is a rational response to uncertainty - this is the fucking basic Econ 101 explanation of the concept The whole reason to prefer a bird in the hand to two in the bush is I DON'T KNOW FOR SURE THE BIRDS ARE ACTUALLY IN THE BUSH
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Replying to @arthur_affect @Snark150 and
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Czino.prototype // 🟧 ⬛️ 👫 🌱 🛠 🏚 @capoczinoReplying to @arthur_affect @Snark150 and 3 othersDude, 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)0 replies 0 retweets 0 likesThanks. Twitter will use this to make your timeline better. UndoUndo
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