Locke has to admit, what is obvious, that men do not always act in the way which, on rational calculation, is likely to secure them a maximum of pleasure. We value present pleasure more than future pleasure, and pleasure in the near future more than pleasure in the distant future. It may be said - this is not said by Locke - that the rate of interest is a quantitative measure of the general discounting of future pleasures. Thus, even if pleasure of the avoidance of pain be our motive, it must be added that pleasures lose their attractiveness and pains their terrors in proportion to their distance in the future.p. 614.
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