Time is a scarce resource for every living being. We all have time and need to decide what to do with our time. Our time is finite and no one lives forever.
High time preference is when people prefer the present for the future. Although this can be a fun way of living, it can reside in higher cost in the future. Low time preference is when people are more inclined to think of how to live today in order for their time tomorrow to be not only increase in time, but also of a better standard. People with low time preference are more inclined to save, invest, accumulate knowledge and plan for the future. These people are essentially longer-term thinkers and doers.
People are different but time preference is always positive. Utility today is always preferred to the same utility tomorrow. Individuals always prefer consuming or having a good today over the next years.
It is not for me to judge what is “better”. Only to respect both ways of approaching life. Although, with a lower time preference, it is more likely you improve you life (at least economically and in health) and a with a higher time preference it is more likely your time will deteriorate from day to day.
As human time is the ultimate resource, we continue to find ways of producing more and more as well as our division of labor making the prices cheaper over time. Although, we might not produce as much if we were still on the gold standard. Then people might be more inclined to save rather than produce and consume. After we went of the gold standard, our fiat currencies have been inflating. To think of time preference, lower rates is when society has a high time preference and higher rates is when society has lower time preference.
With lower time preference however, the value of labor goes up as they are more inclined to think of the future and increase capital and improve their knowledge. With higher time preference people tend to have more “fun” today and as a result they become less productive from day to day as they don’t think as much in the long-term.
The value of human labor is subjective, and everyone values it individually.
But, what we can see is that we are able to produce more and more with a lower human time due to increase in technology and division of labor. We have more time for leisure and get more opportunities. This is however somewhat debatable as we are under an inflationary fiat currency that continues to devaluate our purchasing power and therefor lower the value of labor.
With more leisure we also need to find out what we like to do when we aren´t working. Will we lie on the beach forever, we will most likely get bored. This is subjective and some might value their labor even though it generates very little income because it is something they would like to do on their free time while some get a lot of “value” for their labor while not enjoying the present / their work.