Review of Austrian Economics

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Walter Block

We are all familiar with the process of discounting the future.
From the earliest courses in economics we are taught that
money receivable right now is not the equivalent of money
receivable one year hence; that money receivable one year from now
is not equivalent to money which will fall in to our clutches after a
period of two years. And not just because inflation may erode part of
the value, or because of the risk of never seeing the money. Even in
a perfectly certain world of no inflation, where all accounts receivable
were fully guaranteed, we would still value money more, the sooner
we were to receive it.