The entrepreneurial spirit which leads to discovery does not necessarily translate into an act of entrepreneurship. In a sense it is like savings, it can exist or it can exist as capital. Capital is the active form of savings.
To assume away the entrepreneurial quality of discovery because it has not yet combined with the bearing of risk is like assuming away savings as the origin of capital because sometimes it does not serve as capital.
This brings time preference into the discussion. Time preference is part of the human reality and it is a natural outcome of originary interest. Discovery is directly related to originary interest since it explains why people take action in the present. Humans do, indeed, place a high valuation on the present. High time preference of a degree that approaches instantaneous does not make irrelevant time preference, theoretically speaking.
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