"The Time Preference Paradox: Understanding the Value of Waiting"
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Had Gia Bawerk lived to see the 2008 financial crisis or the post-2020 inflation surge, his writings would be scathing. He would argue that central banks manipulate the natural rate of interest (the time preference price). By holding rates artificially low, central banks send a false signal: "The Time Preference Paradox: Understanding the Value of