Time preference

And you hear a lot about whatever you have read, like Dan's work, the original Austrian economical work, some of the work of the distinguished guests.

It-- or it's all about the subjective value, time preference, et cetera.

But there is also kind of a simplified version of the tradition that what does it actually mean that there is a distinguished school called Austrian economics.

And the question today is that what does, uh, Austrian economics actually tell us? So where is it very, very different from so-called mainstream economics, where it's contested, and especially that what does it talk about the money that you are actually holding.

Thank you so much, Rahim.

Let's have a second concept.

It's called time preference.

So Stephan, that, what does time preference exactly mean in the, in the Austrian, Austrian tradition?

And the subject line of this email is it's kind of like bang the drum slowly.

The economic concept Mike was referring to is time preference.

More specifically, his desire for immediate gratification reveals a high time preference.

Which of De Niro's characters do you think would have the highest time preference and which the lowest? Love the show as always, Andrew Kreitz.

We can say his last name because it's in the email and it's in the name of the episode that he guested on.

So, Mike, what do you what do you think about Andrew's question?

And when I was thinking about this earlier, it almost feels like a default answer for us sometimes because this is a movie and character that we've referred to so many times over the course of the Our Hero De Niro podcast.

But I have to go with Gil Renard, Robert De Niro's character from the 1996 Tony Scott film, The Fan.

... to go deeper on this ti- like, concept of time, have you thought about, like, why Bitcoin connects to this? Like, Bitcoin obviously has blocks at the ba- like, Bitcoin is a blockchain, right? And that blockchain is, um, it's a, it's a clock essentially, right? So we have, like, block height, right? And you can measure anything in block height instead of, like, traditional time.

Um, have you made that connection? Have you thought about that and, um, you know, why having, uh, maybe even bringing in lower time preference as well?

Um, yeah, definitely.

I think the blockchain is...

[laughs] You know, we can't really...

Yeah, we, we can't really speed it up or just...

And yeah, I think that actually says something about how things work, um, or, like, this shift to more lo- low time preference and because, um, yeah, I actually made that connection one time in my meditations, meditations as well.

And, um, y- yeah, because the blockchain j- just is what it is, right? It just continues, and we can't really shape it to our preference because also I feel that's how the current system works.