All around us, every day, people consume far more than they need to survive, therefore saving far less than they could. Yet we all know that saving is the road to wealth. Why don’t top Wall Street traders live in tiny shacks, eat canned beans, and ride old bicycles to the train station? Why do movie stars go on mad shopping sprees and stay at fabulous vacation resorts? Shouldn’t they live as paupers in order to save every penny they can? Humans can only consume in the present. It is our present dissatisfactions that call out for relief. FULL ARTICLE
Source link: http://archive.mises.org/6418/as-time-goes-by-the-factor-of-time-in-human-action/
As Time Goes By: The Factor of Time in Human Action
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This article can serve as a great introduction to Human Action for someone of a non-Austrian persuasion. Thanks.
Clearly, Rich is exploiting his rat catching present self to serve the interests of his rat catching future self. Scumbag capitalist!
Yes, this was a very well written article for someone such as myself, who is becoming familiar with Austrian economics only through such articles and asking questions on the blog.
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