Religious texts, moral prescriptions and economy: the case of interest

Article Abstract:

Keywords: Religion, Interest rates, Ethics, Philosophy, National cultures Religious traditions, especially Judaism, Christianity and Islam, concern themselves about the meaning of religious faith and social practices. So, it is not surprising that provisions for economic life have come under scrutiny in various ways ranging from general condemnations of greed and economic injustice to concrete prescriptions for the conduct of economic life. The prohibition of usury or lending money at interest is common to all three traditions. This historical religious fact has created some of the more interesting problems with regard to the meaning of religious texts, moral prescriptions, and economic practices in modernity. For example, in the Renaissance, the problem of lending money at interest was one of the most pressing and intractable moral and social problems for the Christian Church as Europe, especially Northern Europe, experienced rapid economic growth and change. Christians, or one should better say initially Protestant Christians, resolved the issue by permitting, albeit with substantial limitations, the practice of charging and receiving interest on money loans. So today, Euro-Americans expect to be charged interest on loans and to receive interest on deposits. The use of interest as a financial vehicle is not a moral issue. The moral issue concerns the responsibility of institutions to pay and receive fair interest. The Christian solution to the interest problem of proto-capitalism undeniably contributed to a rapid, if at times morally uneasy, expansion of European economies and set the stage for the advent of early modern market capitalism.

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The role of interest groups in products liability law

Article Abstract:

Keywords: Product liability, Tort, Legal matters, Lawyers, USA The focus of this paper is to explain the reasons individuals have spent real resources to change products liability tort laws through litigation and to explore the roles of various actors in the product liability forum. Manufacturers, insurance companies, consumers and lawyers are the interest groups affected by changing tort law. Differences in the relative strength among interest groups affects the status and timing of products liability law in each state's jurisdiction. The theories of public choice and economic regulation are used to identify the general determinants of judicial decisions. The models demonstrate that legal results and legal changes are ultimately determined by group behavior.

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The role of interest groups in products liability law

Article Abstract:

The reasons behind the spending of real resources to change products liability tort laws are analyzed as well as the roles of various individuals in the products liability forum. The analysis assumes that judges, lawyers, and consumers choose to increase personal utility subject to the constraints imposed by the law and institutions and shows that the legal result and legal changes are ultimately reflected by group behavior. To identify the general determinants of judicial decisions, the theories of public choice and economic regulation are employed.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Product Liability Regulation, Laws, regulations and rules, Political activity, Product liability, Products liability, Sales law, Pressure groups, Special interest groups

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