From Man, Economy, and State Chapter 6 appendix
Schumpeter claims the zero rate would be in the ERE, and Rothbard says this is impossible because of the universal fact of time-preference.
Perhaps someone can help me better understand the ERE. I thought I understood it to mean that everything has reached a point of repetition, meaning no real change, or essentially that humans are now essentially acting like robots that will not choose or prefer anything at all (if they did, it would no longer be the ERE, right?). In that case, doesn’t time-preference along with all other things specifically human cease to exist? Therefore wouldn’t zero interest actually be not just possible but certain?
I don’t feel like this difference would have any significance… at all really, since the ERE is imaginary anyway. But I would like to be corrected if I’m wrong.