13-5a1 Civilization advances by virtue of additional capital

Relate with Eric Voskuil’s Time Preference Fallacyrevisit

“Civilization advances by virtue of additional capital, which lengthens production processes. The economy would revert to barbarism, with the employment of only the shortest and most primitive production processes.” (pp. 399-400)

Related:

• 13-5f The interest rate is determined by the time-preference schedules, rather than vice versa
• 13-10 The law of the diminishing marginal utility of money applies only to the valuations of each individual person