Because we create knowledge—the Rothbardian assumption here (e.g., below) is that underlying time preferences remain the same across time but this is never the case with human beings.revisit
“Just as speculative errors in regard to commodity prices cause losses and impel further change to the “real” underlying price, so speculative errors will be self-correcting here too and lead the rate of interest to the height determined by underlying time preferences.” (pp. 448-449)
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