Lower Your Time Preference!

In Season 3 Episode 2, join Justin as he talks about the importance of lowering your time preference. Time preference at the most basic level is the extent to which a person prioritizes the present versus the future. The ability (and willingness) to delay gratification is linked to the extent to which a person has an optimistic outlook of the future. A high time preference means a person is discounting the value of the future compared to the present, while a person with low time preference is willing to store up and plan for the future. Time preference both shapes and is shaped by people's circumstances and their overall behaviors. Typically, as people age from childhood into adulthood, time preference trends lower. However, in Western society today time preference is continuing to trend higher and higher for individuals. But the issue of time preference is not just important for the individual; it is also plays a crucial role in the shaping of society at large. We hope you enjoy today's show!