> One thing that inflation does that is rarely talked about is how it affects time preference
I don't really understand how you got there - it may be left implicit in some conversations, but essentially the entire discussion about monetary policy wrt inflation rates is about managing this preference trade off. The general consensus seems to be that swinging too hard in either direction is a bad thing, hence targeting nominal 2%-ish.
Yea, that's the conversation among academic economic paper, but not among normal people. It's unfortunate that the accepted dogma is that the economy can be managed optimally by making savings unattractive.
There is down-stream effects from the population becoming high-time preference. Spending might go up (thus stimulating the economy), but so would be a lot of undesirable behaviors.
I am reminded of a recent US official who said people not commuting to work and thus not needing a whole suit of services such as restaurants are “bad for the economy.”
I don't really understand how you got there - it may be left implicit in some conversations, but essentially the entire discussion about monetary policy wrt inflation rates is about managing this preference trade off. The general consensus seems to be that swinging too hard in either direction is a bad thing, hence targeting nominal 2%-ish.