In terms of the overall market process, a lender and a borrower experiencing different time spans is equivalent to a lender and a borrower having different time

In terms of the overall market process, a lender and a borrower experiencing different time spans is equivalent to a lender and a borrower having different time preferences [1]. Those with the shortest time preferences will borrow at higher interest rates; those with the longest time preferences will lend at lower interest rates. All the math about clocks and reference frames is just scientism. [1] https://en.wikipedia.org/wiki/Time_preference https://en.wikipedia.org/wiki/Time_preference