Peter Schiff is an economist, financial broker/dealer, author, frequent guest on national news, and host of the Peter Schiff Show Podcast. The podcast focuses on economic data analysis and unbiased coverage of financial news, both in the U.S. and global markets. As entertaining as he is informative, Peter packs decades of brilliant insight into every news item. Join the thousands of fans who have benefited from Peter’s commitment to getting the real story out to the world.
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Time preference says that individuals prefer satisfaction now to later, present to future. This explains the loan market. In the structure of production, the capitalist pays wages now, despite the fact that he himself does not get paid until the final stage when the product actually comes to market. Consumption, saving, investment and spending occur in every production stage — across time. The interest rate is the rate of price spread. It is what the capitalist earns for time preference. The seventh in a series of ten lectures, from Fundamentals of Economic Analysis: A Causal-Realist Approach. Recorded at the Mises Institute in Auburn, Alabama, on June 14, 2007.