Hebrew Economic Thought Flashcards
Why should we study Hebrew economic thought?
To understand the foundations of modern capitalism, private property, and the intersection of economics with religion and ethics.
What major contribution did A.C. Pigou make to economic thought?
Pigou’s work in welfare economics and his ideas on externalities and public goods are significant.
What does the Hebrew concept of “just price” entail?
It involves fair pricing without speculation, with laws against false weights, measures, and price manipulation.
What role did agriculture play in Hebrew economic thought?
Agriculture was prioritized, and laws encouraged land ownership and farming over trade or mercantilism.
How did the Hebrews view interest (usury)?
They initially prohibited charging interest, especially on loans to the poor, but later allowed low-interest rates.
What is the significance of the “Sabbath” in Hebrew economic thought?
It was a day of rest that influenced the modern concept of a weekend and balanced work and life.
How did the Hebrews regulate property ownership?
Property, especially land, was highly valued, and inheritance laws ensured land stayed within families to prevent wealth inequality.
What do the Hebrews do in times of famine?
They prohibited hoarding of food and ensured that surplus food was distributed to prevent inequality during scarcity.
How did the Hebrews view debt cancellation?
In the seventh (Sabbatical) year, all debts were forgiven to promote economic equality and relieve financial burdens.
What was the role of labor in the Hebrew economy?
Labor was primarily agricultural, with workers receiving wages in kind, and there was no formal regulation of employer-employee relations.
