Was thinking this morning about inflation and deflation and the incentives they create. People using inflationary money are incentivized to adopt a high time preference, preferring immediate gratification to a monetarily induced guarantee of less gratification in the future. People using deflationary money are incentivized to adopt a low time preference meaning all purchases made towards immediate gratification must pass a much higher bar in regards to the satisfaction they produce.
That is to say, Keynesian writ large produces a desperate death spiral of consumption as present generations consume the well-being of future generations knowing if they don’t consume their current purchasing power then time itself will. In contrast, a society operating on deflationary money would seem boring and spendthrift, loosening its purse only to consume that which builds and maintains the road by which the future carries its goods to the present.
That is to say Austrian Economic and free-market monetary systems are the decentralized, inter-generational construction project of a temple to the future of our species, and Keynsianism is the screeching howl of a thousand desperate rats trapped in a burning house.
So, to speak.