Wednesday, July 04, 2007
Just finished this little book about the history and justifications for interest by an uncle of my friend. It's a little theoretical in parts, but the relations discussed between interest, savings, and capital formation are rather well explained. I'm still not convinced enough thought has gone into these sorts of things in Catholic circles, the Mosaic prohibitions aside. There is certainly something quite invasive about debt at the lower ends of the scale that was captured in the traditional prohibitions but is now absent from serious discussion.