If time preference is genetically built into humans, are they double discounting future goods? Does this mean people should stop trying to weigh time in their calculations?
It isn’t a good argument against Austrian economics that someone might come up with a science that made better predictions. You have to show us the science, so that it can be compared with praxeology. Suffice it to say that this hasn’t been done.
Quantitative methods can't be applied to human action, which is purposeful and not a mere reflex. For this reason, mathematical formulas can only describe events, never explain them.
Choosing between labor and leisure is not like choosing between apples and oranges. Many people like both kinds of fruit. But labor involves disutility,so a better choice is this: between apples and rotten oranges.
Many rich people publicly support measures to "raise taxes on the rich." This is because the cost of voting to give away $1 million is far lower than the cost of actually giving it away.
A given goal dictates the specific means that an individual will choose for the attainment of that end. People make choices that they think will help them achieve an end.
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