#7 - The Price of Time

The interest rate is the price of time — the cost of capital, the discount rate on every future cash flow, and the signal coordinating every intertemporal decision in the economy. Rooted in human time preference, it is the one price that underlies every other. When set by markets it encodes truth; when set by committee it encodes fiction, with consequences that compound silently until they cannot be ignored.

by Game Of Francs Research Team