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Card 51 / 100: If someone borrows in order to buy today rather than waiting to pay cash, is this an example of uneconomical behavior?
Answer:
No, it simply illustrates the person's preferences. Just as one person might be willing to pay $50 on a juicy steak, while another person would regard this as absurd, so too might someone be willing to pay a high interest rate in order to consume earlier rather than later. There is nothing intrinsically irrational or uneconomical about such a decision, which couldn't be applied just as well to other consumer decisions.
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Dr.Robert MurphyAssociated Scholar
Mises Institute
USA
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Attribution:
Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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