Thanks for this; it’s very helpful.
Alexander Douglas

I’m certainly in sympathy with this. I think the neoclassical economist is going to argue that they can offer a straightforward utilitarian justification: namely, that in a competitive economy (e.g. an Arrow-Debreu setup) where goods like “grapes at t” and “grapes at t+1” are traded, mutually beneficial trades will result, in equilibrium, in the price ratio 1:1.5, so that the “interest rate” just falls out naturally from that price ratio. In other words, there’s nothing special about “usury” as opposed to any other sort of trade. Now I take it that what you are questioning specifically is *honouring* the trade, and that you are suggesting that there is indeed something special about there being a time dimension here which would not apply in the contemporaneous case. I suspect the neoclassical economist is going to resist all this but it certainly sounds an interesting line of attack.

One clap, two clap, three clap, forty?

By clapping more or less, you can signal to us which stories really stand out.