Discussion

Interest, usury and time

J. P. Tiemstra
Koers - Bulletin for Christian Scholarship/Bulletin vir Christelike Wetenskap | Vol 58, No 3 | a713 | DOI: https://doi.org/10.4102/koers.v58i3.713 | © 1993 J. P. Tiemstra | This work is licensed under CC Attribution 4.0
Submitted: 25 January 1993 | Published: 25 January 1993

About the author(s)

J. P. Tiemstra, Dept, o f Economics and Business, Calvin College, Grand Rapids, Michigan, USA, South Africa

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Abstract

This paper argues that there are both ethical and economic reasons to support a normative claim that lower interest rales are preferable to higher ones. Biblical material as well as general ethical norms favours economic decisions that give a high weight to the future. High interest rates make the economy less stable, economic growth less sustainable, and the income distribution less equal. Policy directions are offered for government, business, and households.

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