&gt;For one thing it assumes a massive collective irrationality where people&#x27;s expectations are all rendered berserk and plunged into a negative time preference.<p>One of the more idiotic ideas to come out of neoclassical economics is the assumption that a negative time preference is irrational or impossible, when most of us have one (pension, passing wealth on to one&#x27;s kids, saving up to buy big ticket items, etc.).<p>Indeed, what would really be irrational is spending all of your money immediately.