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Curt Doolittle’s post discusses the concept of time preference, which is the preference for immediate rewards over future ones, and how it relates to maintaining societal structures like aristocracy. Time preference influences economic behavior, where a low (long) time preference encourages investment over consumption, crucial for preserving civilizational capital.📷
The post suggests that aristocracy, with its inherent long-term orientation, naturally promotes a low time preference, which is vital for sustainable economic practices. This contrasts with democratic systems where short-termism might prevail, leading to capital consumption rather than preservation.📷
Financialization, mentioned as a driver of short-term time preferences, has been criticized for promoting consumption and short-term gains over long-term investment, leading to the erosion of civilizational capital. Curt Doolittle suggests controlling private sector credit expansion as a method to foster longer time preferences.📷
Source date (UTC): 2025-01-13 00:31:34 UTC
Original post: https://twitter.com/i/web/status/1878600744791928832
Replying to: https://twitter.com/i/web/status/1878595620598153532
IN REPLY TO:
Unknown author
How do you maintain low (long) time preference without aristocracy? You must have aristocracy because they will naturally emerge as and evolve an aristocracy with low (long) time preference if lawfulness is preserved vs lawlessness. Without their time preference all polities, and especially democratic polities, will eventually burn capital in favor of consumption, whether by individualism instead of familism, consumerism instead of commons-ism, corruption instead of nationalism. The financialization drove recursive shortening of time preference, and the destruction of civilizational capital. There are many lessons here, but the prohibition on credit expansion in the private sector is the principle means of preventing it, and instead, forcing invsetment in longer time preferences instead of shorter consumer and consumption preferences.
(Brad and I today.)
Original post: https://x.com/i/web/status/1878595620598153532
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