“…. (T)he process of economic development is essentially determined by time preference… nature-given resources or technological know-how can only have an economic impact if discovered and utilized. To do his, though, there must be prior savings and investment. It is not the availability of resources and technical or scientific knowledge that imposes limits of economic advancement: rather, it is time preference that imposes limits on the exploitation of actually available resources as well as on the utilization of existing knowledge (and also on scientific progress for that matter, insofar as research activities, too, must be supported by saved-up funds).” p 151
Hans-Hermann Hoppe, Theory of Employment, Money, Interest, and the Capitalist Process, in: Hans-Hermann Hoppe: The Economics and Ethics of Private Property. Studies in Political Economy and Philosophy. The Ludwig von Mises Institute: Auburn, Alabama 2006, pp. 139-174
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