Look at any society and you will see certain characteristics and there will be certain patterns of life. For the lack of a better term we can call these characteristics and these patterns the culture of that society.
One characteristic that has economic implications is time preference. There are many different reasons that contribute to the time preference tendencies in a society, for example, war and inflation tend to increase the time preferences.
The time preference is a significant determinant of the amount of savings and the amount of savings represents potential loanable funds. At this point in the sequence a monumental segue occurs. The most limiting factor in the economy is capital and this is what the loanable funds convert into and then the transformation throughout the economy is activated.
In other words, the most limiting factor in the economy and that which activates the power of transformation is connected and linked to the cultural time preferences.
No one ever did nor will they ever claim that ethics is not a part of a culture. And now it is clear and evident that attempts to separate ethics and economics are unrealistic. Hence, science that separates ethics and economics is unrealistic. The proof can be seen all around us as the bad fruits of living in the Dark Ages of economics.
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