TIME PREFERENCE (IMPATIENCE)

terity, a man, in short, who wishes to “make the day andthe journey alike,” will not try thus to continue the in-come after his death. In such a case uncertainty of life isespecially calculated to produce a high rate of time pref-erence. Sailors, especially unmarried sailors, offer the clas-sic example. They are natural spendthrifts, and whenthey have money use it lavishly. The risk of shipwreck isalways before them, and their motto is, “A short life anda merry one.” The same is even more true of the unmar-ried soldier. For such people the risk of cessation of lifeincreases their impatience, since there is little future tobe patient for. ,

Not only does regard for one’s offspring lower impa-tience, but the increase of offspring has in part the sameeffect. So far as it adds to future needs rather than toimmediate needs, it operates, like a descending incomestream, to diminish impatience. Parents with growingfamilies often feel the importance of providing for futureyears far more than parents in similar circumstances butwith small families. They try harder to save and to takeout life insurance; in other words, they are less impa-tient. Consequently, an increase of the average size offamily would, other things being equal, reduce the rateof interest.

This proposition does not, of course, conflict with theconverse proposition that the same prudent regard forthe future which is created by the responsibilities of par-enthood itself tends to diminish the number of offspring.Hence it is that the thrifty Frenchman and Dutchmanhave small families.

(6) The most fitful of the causes at work is probablyfashion. This at the present time acts, on the one hand,to stimulate men to save and become millionaires, and,

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