Pure time preference theory of interest analysis

The following thesis analyses the pure time preference theory of interest. First, the major elaborations of the theory are compared. It is concluded that the Misesian approach to time preferences involves many factual differences in contrast to that of Fetter. The second part proceeds from Murphy´s and Potužák´s neoclassical critique to argue against conclusions based on the imaginary construct of evenly rotating economy. Two arguments are made suggesting that if reached, the evenly rotating economy would not isolate the pure time preference alone in the form of market interest rate.