A Matter of Time: How Time Preferences Make or Break Civilization

Description

In the current year, people live for today and fail to pay much attention for the future. We are distracted by 21st Century versions of 'bread and circus'. Several articles and Entertainment narratives promote an empty, hollow, existence depicting family life as boring and oppressive, but encouraging present-minded and shallow thrills to fill the void. Since many individuals have given up on certain received values greater than oneself--family, religion, nation--the future becomes devoid of meaning as there is, presently, little of significant non-financial value worth preserving. Financially, certain economic policies have creative incentive structures punishing long term thinking, while encouraging short term consumption. One of the many ostensible problems affecting Western Society is simple: time preferences. Time preferences can be simplified to describe how much one values future consumption over present consumption. Time preferences are often limited to the realm of economics; however, in this book, they are expanded in an to attempt to illustrate a particular social ailment in tackling the question of how one determines to live in a rapidly changing Western world to include social interactions, prevailing narratives, family, religion, and other issues. No lasting civilization can stand merely living for today--there must be an implied interest in the future beyond the life expectancy of the individual, which their children will inherit. Western birth rates have plummeted to an unprecedented low. Divorce rates and other family-oriented stats paint a bleak picture for the future. And, paradoxically, despite the wonderful GDPs we boast, individuals seem more disinclined than ever to start families--or think about the future. In this book, we delve into several potential spiritual and material reasons as to why Westerners have become so present-minded. Why collective self-confidence has been lost and vapid, cheap, entertainment seems so appealing. This book seeks to illustrate the decivilizing tendencies of high time preferences--instant gratification--on a social scale, how they manifest, what causes them, and how to begin combating a temptation for present-minded consumption over something more future-oriented.