is dependent on their socio-economic position?
last section, this means that any subjective evaluation of the present and future is dependent on, not independent of, the structure of market prices and income distribution. It varies with the income of individual and their class position, since the latter will condition the degree or urgency of present wants and needs. So this theory appears ludicrous to a critic of capitalism — simply put, does the mine owner really sacrifice more than a miner, a rich stockholder more than an autoworker working in their car plant, a millionaire investor more than a call centre worker? As such, the notion that “waiting” explains interest is question begging in the extreme as it utterly ignores inequality within a society. After all, it is far easier for a rich person to “defer consumption” than for someone on an average income. This is borne out by statistics, for as Simon Kuznets has noted, “only the upper income groups save; the total savings of groups below the top decile are fairly close to zero
