Time preference refers to the preference of satisfaction in the present as compared to a future time. A person who heavily prefers current consumption to future consumption has a high time preference as he places a heavy premium upon satisfaction as soon as possible. By contrast, a person who does not place a heavy premium upon instant satisfaction has a low time preference. People with low time preferences are more likely to save and invest their money for greater future rewards. This tendency to delay consumption for the sake of increased production leads to the accumulation of wealth that propels the process of civilization.In Democracy: The God That Failed, Hans-Hermann Hoppe states:However, no matter what a person’s original time-preference rate or what the original distribution of

Tu ne cede malis, sed contra audentior ito

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A recent video by CNN states that lower prices are bad for the United States economy and that consumers must get used to the newer, higher prices. The video goes so far as to say, “We’re never going to pay 2019 prices again.” The video claims that deflation is responsible for a long list of problems including layoffs, high unemployment, and falling incomes. Americans should simply get used to paying more and more each year and be happy about it. Except, deflation is actually good for consumers despite the contentions of inflation-supporting economists.The conclusion that inflation is a good thing is reached by the mishandling of economic terms. While Austrian economics accepts that inflation is the expansion of the money supply, mainstream economics contends that inflation is an increase