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.

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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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