Interest prices time-preference. It's going to emerge automatically in any economy of even modest sophistication.
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Replying to @GuillermoJBirch @Thesokorus
Compounding interest is simply the reciprocal of compounding productive investment. Anything else would be economically nonsensical.
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Replying to @Thesokorus @GuillermoJBirch
Hence the awesome industrial prowess of the Islamic World.
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Replying to @Thesokorus @GuillermoJBirch
So choose your preferred example of theocratically-mandated total financial repression and its impressive productive outcome.
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Replying to @Thesokorus @GuillermoJBirch
The US financial system was based on interest-bearing loans during this period, so it's hard to make any sense out of this example.
9:57 PM - 23 Apr 2019
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