One interesting thing that many economists endorse as a way to improve prosperity in developing countries is to issue titles to property, thereby enabling the poor people there to contract debt upon, or sell outright, their property. The logic is that without title, these common ways of improving one's lot are off limits. On the other hand, many of us can think of cases (Indian reservations, purchase of Manhattan) where rightful owners were duped of their property for a pittance.
Enter the ancient Israelite concept; land was granted to the family in perpetuity, and could be sold only for a period of seven years. If you made a mistake, your property wasn't gone forever, and neither could you heavily leverage your property a la Trump.
The result? The prosperity of Solomon. I would dare suggest that a Biblical view of economics does not preclude certain limits on contracts.
Terrorist murder updates - Officials have learned that the dead Boston Marathon bomber was involved in an earlier triple homicide. His accomplice in that murder confessed under ques...
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