Unit 3: Time Preference
The third unit focuses on Time Preference. Time preference is an important element of the Austrian School of Economics and is used to understand the relationship between savings, investment, and interest rates. Saifedean discusses the work of Bohm Bawerk, Mises, and Hoppe. You will explore Bohm Bawerk's Positive Theory of Capital and discover how interest rates are formed through the lens of human action. Following a discussion of Mises' criticism of Bohm Bawerk's work, we conclude the unit by introducing Hans Hermann Hoppe's work on time preference and discuss how it impacts our daily life and society as a whole.
Completing this unit should take you approximately 2 hours.