The other day I read an article over at Mises that makes an interesting, if somewhat obvious point: that despite incentives which encourage long time preferences in monarchical rulers compared to democratic rulers with limited terms, other circumstances can encourage rulers of all kinds to have different time preferences.
Tag: praxeology
I’m going through Human Action again, and this section just jumped out at me. It’s the most succinct, clear, and beautiful takedown of the anti-market mentality, and how democracy is inferior to markets, that I’ve read in a long time.
The corresponding bit of Human Action is here, for your own reading pleasure.