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• Human Action: a Treatise On Economics, Vol. 2: Part 4: Catallactics Or Economics of the Market Society
• Chapter 14: The Scope and Method of Catallactics
• 1: The Delimitation of Catallactic Problems
• The Denial of Economics
• 2: The Method of Imaginary Constructions
• 3: The Pure Market Economy
• The Maximization of Profits
• 4: The Autistic Economy
• 5: The State of Rest and the Evenly Rotating Economy
• 6: The Stationary Economy
• 7: The Integration of Catallactic Functions
• The Entrepreneurial Function In the Stationary Economy
• Chapter 15: The Market
• 1: The Characteristics of the Market Economy
• 2: Capital Goods and Capital
• 3: Capitalism
• 4: The Sovereignty of the Consumers
• The Metaphorical Employment of the Terminology of Political Rule
• 5: Competition
• 6: Freedom
• 7: Inequality of Wealth and Income
• 8: Entrepreneurial Profit and Loss
• 9: Entrepreneurial Profits and Losses In a Progressing Economy
• The Moral Condemnation of Profit
• Some Observations On the Underconsumption Bogey and On the Purchasing Power Argument
• 10: Promoters, Managers, Technicians, and Bureaucrats
• 11: The Selective Process
• 12: The Individual and the Market
• 13: Business Propaganda
• 14: The “volkswirtschaft”
• Chapter 16: Prices
• 1: The Pricing Process
• 2: Valuation and Appraisement
• 3: The Prices of the Goods of Higher Orders
• A Limitation On the Pricing of Factors of Production
• 4: Cost Accounting
• 5: Logical Catallactics Versus Mathematical Catallactics
• 6: Monopoly Prices
• The Mathematical Treatment of the Theory of Monopoly Prices
• 7: Good Will
• 8: Monopoly of Demand
• 9: Consumption As Affected By Monopoly Prices
• 10: Price Discrimination On the Part of the Seller
• 11: Price Discrimination On the Part of the Buyer
• 12: The Connexity of Prices
• 13: Prices and Income
• 14: Prices and Production
• 15: The Chimera of Nonmarket Prices
• Chapter 17: Indirect Exchange
• 1: Media of Exchange and Money
• 2: Observations On Some Widespread Errors
• 3: Demand For Money and Supply of Money
• The Epistemological Import of Carl Menger’s Theory of the Origin of Money
• 4: The Determination of the Purchasing Power of Money
• 5: The Problem of Hume and Mill and the Driving Force of Money
• 6: Cash-induced and Goods-induced Changes In Purchasing Power
• Inflation and Deflation; Inflationism and Deflationism
• 7: Monetary Calculation and Changes In Purchasing Power
• 8: The Anticipation of Expected Changes In Purchasing Power
• 9: The Specific Value of Money
• 10: The Import of the Money Relation
• 11: The Money-substitutes
• 12: The Limitation On the Issuance of Fiduciary Media
• Observations On the Discussions Concerning Free Banking
• 13: The Size and Composition of Cash Holdings
• 14: Balances of Payments
• 15: Interlocal Exchange Rates
• 16: Interest Rates and the Money Relation
• 17: Secondary Media of Exchange
• 18: The Inflationist View of History
• 19: The Gold Standard
• International Monetary Cooperation
• Chapter 18: Action In the Passing of Time
• 1: Perspective In the Valuation of Time Periods
• 2: Time Preference As an Essential Requisite of Action
• Observations On the Evolution of the Time-preference Theory
• 3: Capital Goods
• 4: Period of Production, Waiting Time, and Period of Provision
• Prolongation of the Period of Provision Beyond the Expected Duration of the Actor’s Life
• Some Applications of the Time-preference Theory
• 5: The Convertibility of Capital Goods
• 6: The Influence of the Past Upon Action
• 7: Accumulation, Maintenance and Consumption of Capital
• 8: The Mobility of the Investor
• 9: Money and Capital; Saving and Investment
• Chapter 19: Interest
• 1: The Phenomenon of Interest
• 2: Originary Interest
• 3: The Height of Interest Rates
• 4: Originary Interest In the Changing Economy
• 5: The Computation of Interest
• Chapter 20: Interest, Credit Expansion, and the Trade Cycle
• 1: The Problems
• 2: The Entrepreneurial Component In the Gross Market Rate of Interest
• 3: The Price Premium As a Component of the Gross Market Rate of Interest
• 4: The Loan Market
• 5: The Effects of Changes In the Money Relation Upon Originary Interest
• 6: The Gross Market Rate of Interest As Affected By Inflation and Credit Expansion
• The Alleged Absence of Depressions Under Totalitarian Management
• 7: The Gross Market Rate of Interest As Affected By Deflation and Credit Contraction
• The Difference Between Credit Expansion and Simple Inflation
• 8: The Monetary Or Circulation Credit Theory of the Trade Cycle
• 9: The Market Economy As Affected By the Recurrence of the Trade Cycle
• The Role Played By Unemployed Factors of Production In the First Stages of a Boom
• The Fallacies of the Nonmonetary Explanations of the Trade Cycle
• Chapter 21: Work and Wages
• 1: Introversive Labor and Extroversive Labor
• 2: Joy and Tedium of Labor
• 3: Wages
• 4: Catallactic Unemployment
• 5: Gross Wage Rates and Net Wage Rates
• 6: Wages and Subsistence
• A Comparison Between the Historical Explanation of Wage Rates and the Regression Theorem
• 7: The Supply of Labor As Affected By the Disutility of Labor
• Remarks About the Popular Interpretation of the “industrial Revolution”
• 8: Wage Rates As Affected By the Vicissitudes of the Market
• 9: The Labor Market
• The Work of Animals and of Slaves
• Chapter 22: The Nonhuman Original Factors of Production
• 1: General Observations Concerning the Theory of Rent
• 2: The Time Factor In Land Utilization
• 3: The Submarginal Land
• 4: The Land As Standing Room
• 5: The Prices of Land
• The Myth of the Soil
• Chapter 23: The Data of the Market
• 1: The Theory and the Data
• 2: The Role of Power
• 3: The Historical Role of War and Conquest
• 4: Real Man As a Datum
• 5: The Period of Adjustment
• 6: The Limits of Property Rights and the Problems of External Costs and External Economies
• The External Economies of Intellectual Creation
• Privileges and Quasi-privileges
• Chapter 24: Harmony and Conflict of Interests
• 1: The Ultimate Source of Profit and Loss On the Market
• 2: The Limitation of Offspring
• 3: The Harmony of the “rightly Understood” Interests
• 4: Private Property
• 5: The Conflicts of Our Age

Prolongation of the Period of Provision Beyond the Expected Duration of the Actor’s Life

The judgments of value which determine the choice between satisfaction in nearer and in remoter periods of the future are expressive of present valuation and not of future valuation. They weigh the significance attached today to satisfaction in the nearer future against the significance attached today to satisfaction in the remoter future.

The uneasiness which acting man wants to remove as far as possible is always present uneasiness, i.e., uneasiness felt in the very moment of action, and it always refers to future conditions. The actor is discontented today with the expected state of affairs in various periods of the future and tries to alter it through purposive conduct.

If action is primarily directed toward the improvement of other people’s conditions and is therefore commonly called altruistic, the uneasiness the actor wants to remove is his own present dissatisfaction with the expected state of other people’s affairs in various periods of the future. In taking care of other people he aims at alleviating his own dissatisfaction.

It is therefore not surprising that acting man often is intent upon prolonging the period of provision beyond the expected duration of his own life.