Author Topic: Is it ethical to make money from something you own?  (Read 40975 times)

bikebum

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Re: Is it ethical to make money from something you own?
« Reply #150 on: March 12, 2014, 01:46:20 PM »
As for alternatives, I once read an idea that inheritance should only be allowed to pass down one generation. The reasoning goes the person who originally makes the money can ethically choose to leave it to their kids when they die. The kids can do whatever they want with it, except they can't leave it to their kids because it is not their money to give away; it must go back into the economy. I can't remember where I found this but I'll post a link if I can find it again.

As others have pointed out, kids often squander the family fortune anyway, so maybe it doesn't matter.

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Re: Is it ethical to make money from something you own?
« Reply #151 on: March 12, 2014, 05:37:55 PM »

 
Is it a cop-out to say we don't need to limit interest rates, because if they are too high people will not borrow money?

I would call it a cop-out.  In feudal times interest rates keep the peasants perpetually in debt and enslaved to the lords/barons, etc who owned all the lands.  You could not opt out of the system cause all the lands belonged to someone.  You may be free today to not choose a transactions but still must find a place to sleep.  Someone must pay that rent.  There is a point were the interested enslaves people.

Jamesqf

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Re: Is it ethical to make money from something you own?
« Reply #152 on: March 12, 2014, 05:54:59 PM »
Gravity isn't the law because we discussed it democratically and that seemed to be the best way to go about our business. Obviously.

Nor is the economy something that exists because we discussed it democratically.  It may not be obvious - you might actually have to think about it - but at base it's a law of nature: if not quite in the same class as gravity, but in the same class as evolution.

In feudal times interest rates keep the peasants perpetually in debt and enslaved to the lords/barons, etc who owned all the lands. 

Not at all an accurate description of European feudalism.  The medieval Church held that charging interest was a sin, which is why most moneylending was done by Jews.  Nor were the serfs 'in debt' by any reasonable definition.  It's rather that they had certain ongoing obligations to the lord.  A modern equivalent would be much closer to to taxation than to debt.

bikebum

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Re: Is it ethical to make money from something you own?
« Reply #153 on: March 12, 2014, 06:12:20 PM »

 
Is it a cop-out to say we don't need to limit interest rates, because if they are too high people will not borrow money?

I would call it a cop-out.  In feudal times interest rates keep the peasants perpetually in debt and enslaved to the lords/barons, etc who owned all the lands.  You could not opt out of the system cause all the lands belonged to someone.  You may be free today to not choose a transactions but still must find a place to sleep.  Someone must pay that rent.  There is a point were the interested enslaves people.

I see your point, even if Jamesqf is right about it being an inaccurate description. But in modern economies I think the cost of necessities is very reasonable. I don't see a reason to limit interest rates or rent. All of the high interest rates I know of are for stupid shit like credit cards and fancy cars, things people could choose to do without. I'm assuming we're talking about an economy similar to the US economy.

warfreak2

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Re: Is it ethical to make money from something you own?
« Reply #154 on: March 12, 2014, 06:48:51 PM »
Gravity isn't the law because we discussed it democratically and that seemed to be the best way to go about our business. Obviously.

Nor is the economy something that exists because we discussed it democratically.  It may not be obvious - you might actually have to think about it - but at base it's a law of nature: if not quite in the same class as gravity, but in the same class as evolution.
Don't you find it a bit weird that Capitalism is only a "law of nature" in Capitalist societies? Feudalist, Socialist, Communist and even anarchist societies have economies. We weren't discussing the pros and cons of having an economy. We were discussing Capitalism. Disingenuous, my friend; disingenuous. If Capitalism isn't a choice, how did the USSR manage to choose not having it? That must be as amazing to you as anti-gravity boots.

arebelspy

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Re: Is it ethical to make money from something you own?
« Reply #155 on: March 12, 2014, 08:01:18 PM »
wf2, I've appreciated many of your posts, but in this thread over the last page or two you seem to be arguing just for the sake of arguing.  Not to make any point, but to be "right."

My apologies if I'm misreading that, but I keep coming into this thread hoping for good discussion/debate, and am getting nitpicky arguments.

/shrug
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Re: Is it ethical to make money from something you own?
« Reply #156 on: March 12, 2014, 08:18:39 PM »


In feudal times interest rates keep the peasants perpetually in debt and enslaved to the lords/barons, etc who owned all the lands. 

Not at all an accurate description of European feudalism.  The medieval Church held that charging interest was a sin, which is why most moneylending was done by Jews.  Nor were the serfs 'in debt' by any reasonable definition.  It's rather that they had certain ongoing obligations to the lord.  A modern equivalent would be much closer to to taxation than to debt.

  OK, I agree poor comparison, but as you suggest a taxation system that kept the serfs economically poor.  The interest as a sin goes back to the original question asked on this thread.
  To me it is ethically wrong to loan money at such a high interest rate it will financially destroy the borrower.  Which is the point of my question on mortgage interest rates.  Where do others see that an interest rate is legal but not ethical?
 

warfreak2

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Re: Is it ethical to make money from something you own?
« Reply #157 on: March 13, 2014, 04:33:09 AM »
wf2
Nudge is appropriate and appreciated. :-/

arebelspy

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Re: Is it ethical to make money from something you own?
« Reply #158 on: March 13, 2014, 07:23:49 AM »
wf2
Nudge is appropriate and appreciated. :-/

Thanks for taking it the way I intended.  :)
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
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