Period of Production, Duration of Serviceableness, and Period of Provision

“The concepts of period of production [i.e., time-period AB] and duration of serviceableness [of the consumers' good, i.e., time-period BC] are present in all human action. There is also a third time-period that enters into action. Each person has a general time-horizon, stretching from the present into the future, for which he plans various types of action. Whereas period of production and duration of serviceableness refer to specific consumers’ goods and differ with each consumers’ good, the period of provision (the time-horizon) is the length of future time for which each actor plans to satisfy his wants. The period of provision, therefore, includes planned action for a considerable variety of consumers’ goods, each with its own period of production and duration. This period of provision differs from actor to actor in accordance with his choice. Some people live from day to day, taking no heed of later periods of time; others plan not only for the duration of their own lives, but for their children as well.”

–Murray N. Rothbard. Man, Economy, and State with Power and Market

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