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The Rate of Time Preference in the United States Government

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  • Peter Temin

Abstract

I use Samuelson's Nonsubstitution Theorem (1961) to argue that government policies in the United States traditionally reflected a low discount rate. The government's discount rate appears to have risen sharply in the last generation, showing the usefulness of Samuelson's theorem and the difficulties facing the United States in the future.

Suggested Citation

  • Peter Temin, 2007. "The Rate of Time Preference in the United States Government," The American Economist, Sage Publications, vol. 51(2), pages 8-15, October.
    • Handle: RePEc:sae:amerec:v:51:y:2007:i:2:p:8-15
    DOI: 10.1177/056943450705100202
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    References listed on IDEAS

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    1. Rudiger Dornbusch & Sebastian Edwards, 1991. "The Macroeconomics of Populism in Latin America," NBER Books, National Bureau of Economic Research, Inc, number dorn91-1.
    2. Peter Temin, 2002. "Teacher Quality and the Future of America," NBER Working Papers 8898, National Bureau of Economic Research, Inc.
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    5. Darius Lakdawalla, 2001. "The Declining Quality of Teachers," NBER Working Papers 8263, National Bureau of Economic Research, Inc.
    6. Flyer, Fredrick & Rosen, Sherwin, 1997. "The New Economics of Teachers and Education," Journal of Labor Economics, University of Chicago Press, vol. 15(1), pages 104-139, January.
    7. Peter Diamond, 2004. "Social Security," American Economic Review, American Economic Association, vol. 94(1), pages 1-24, March.
    8. Rudiger Dornbusch & Sebastian Edwards, 1991. "The Macroeconomics of Populism," NBER Chapters, in: The Macroeconomics of Populism in Latin America, pages 7-13, National Bureau of Economic Research, Inc.
    9. Peter Temin, 2002. "Teacher Quality and the Future of America," Eastern Economic Journal, Eastern Economic Association, vol. 28(3), pages 285-300, Summer.
    10. Temin, Peter, 1966. "Labor Scarcity and the Problem of American Industrial Efficiency in the 1850's," The Journal of Economic History, Cambridge University Press, vol. 26(3), pages 277-298, September.
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