Ignoring time preference is the fundamental error behind monetary planning. It is why in a successful economy, monetary intervention by the state is kept to a bare minimum, or preferably banished altogether.
The fallacy that labor-saving machines create technological unemployment has not only been disproved by theory but also by the whole history of mankind.
It is not true that capital — once created — will lead to future wealth gains forever into the future. Only constant adaptation — via entrepreneurs — can make sure that the production process will provide the flow of consumption goods in the periods to come.
