Time preference

[2046]

I am trying to understand time preference. Is this a metaphysically given inherent in the fabric of existence, or a manmade creation? It would seem that interest is a manmade thing, as one can simply gift something and expect an equal sum back or nothing. But, at some point, man has to prefer present goods to future goods else he will starve. Also the fact that time is scarce for non-immortal beings that are not indestructible, with eternal youth, etc. thus every action must take this into consideration. Can someone help me with understanding which parts of this are metaphysically given and which are manmade?

[DavidOdden]

Preference is the result of volition: you choose your preferences based on some evaluation.

[Hairnet]

I am trying to understand time preference. Is this a metaphysically given inherent in the fabric of existence, or a manmade creation? It would seem that interest is a manmade thing, as one can simply gift something and expect an equal sum back or nothing. But, at some point, man has to prefer present goods to future goods else he will starve. Also the fact that time is scarce for non-immortal beings that are not indestructible, with eternal youth, etc. thus every action must take this into consideration. Can someone help me with understanding which parts of this are metaphysically given and which are manmade?

Time preference is primarily an economic idea, and is viewed as a value-neutral given in the area of economics.

Mises argued in Human Action that time preference was a product of someone's psychology/ethics and the fact that man behaves purposefully (acts) in the context of time. Time means that one action follows another and never at the same time. A man can not act towards two thing at the same time. Now mises gets very rationalitic about this and everything else. So any arguments to the contrary such as "But I can work towards two goals with the same action" are usually countered by defining away the argument. The fact remains though that a person must act within a certain context in a certain order, which means his choices are limited. He can't be seeing the world and also be actively attending a medical school at the same time. He has to choose.

Time Preference = Volition + Reality (Time).

[agrippa1]

I am trying to understand time preference. Is this a metaphysically given inherent in the fabric of existence, or a manmade creation? It would seem that interest is a manmade thing, as one can simply gift something and expect an equal sum back or nothing. But, at some point, man has to prefer present goods to future goods else he will starve. Also the fact that time is scarce for non-immortal beings that are not indestructible, with eternal youth, etc. thus every action must take this into consideration. Can someone help me with understanding which parts of this are metaphysically given and which are manmade?

A rational mind puts different values on existing vs. future goods. You almost always prefer present to future goods, which is why you require a greater amount of future goods in exchange for present goods (interest being the difference). Almost, because you might anticipate a future in which goods will be worth more to you than they are now.

The amount of time between "now" and "future" is the metaphysical, and the preference of now over future depends on an evaluation of a wide array of variables, including the expected value of a good in the future, the value of it now, and the chances that the good will actually be available. All of these variables are the product of a rational mind, and so the determination of time preference, being derived from both the metaphysical and the man-made, is therefore man-made.

[ZSorenson]

Time preference = hierarchy of values. Anything that happens tomorrow depends on what happens today. It's that simple.