Quarterly Journal of Austrian Economics

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The Intertemporal Adam Smith

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07/30/2014Roger W. Garrison

Volume 1, No. 1 (Spring 1998)

 

From Adam Smith's day to our own, economists have tended to treat the intertemporal trade-off as something quite different from other trade-offs that market participants face. Whether based on the impartial spectator or on a perceived consensus among economists or on a supposed magic of compounding, their thinking is biased in favor of the future. They write as if they believe the prospect of a more-than-doubled real income forty years hence should have a greater effect on our current willingness to save than it actually has. On this idea, whether offered by Smith himself or modern mainstream, Rothbard has expressed dissent.

Cite This Article

Garrison, Roger W. "The Intertemporal Adam Smith." The Quarterly Journal of Austrian Economics 1, No. 1 (1998) 51–60.

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