12 November 2009


Banfield identifies time preference as the underlying cause for the persistent distinction between social classes and cultures, in particular between the ‘upper class’ and the ‘lower class.’ Whereas members of the former are characterized by future-orientation, self-discipline, and a willingness to forgo present gratification in exchange for a better future, members of the ‘lower class’ are characterized by their present-orientation and hedonism.

--Hans-Hermann Hoppe on The Unheavenly City Revisited, by Edward Banfield

(nod to The Daily Eudemon)

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