Max on Nostr: Mises's "plain saving" describes choosing "later consumption of the same quantity," ...

Mises's "plain saving" describes choosing "later consumption of the same quantity," but my point is that the hoarder isn't actually deferring consumption: they're consuming the money's services (liquidity, optionality, removal of uneasiness) in the present moment.

The second quote addresses whether hoarding is economically productive (it is), which is a separate question from whether it reveals time preference through the mechanism of originary interest. Mises himself defines originary interest as the discount of future goods against present goods in exchange, which hoarding by definition does not involve since no temporal exchange occurs.