In this article, we mostly focused on gaining a better understanding of the Hebrew economy and the main concepts that make it up.
When discussing the economic history and the study of economic systems, the Hebrew and Jewish periods are commonly mentioned. The Hebrews are one of the world’s earliest civilizations. Their story begins around 2500 BC.
The Hebrews had a simple economic philosophy and culture. Although their economy, politics, ethics, and philosophy are all connected, religion and ethics receive priority.
The priests had total control over the economy. They placed a high priority on agriculture. The Hebrews had various concepts regarding interest, agriculture, real estate, and taxation.
1. Interest: Prohibited taking interest
The Hebrews didn’t use the word “interest,” but they did prohibit taking interest or charging high-interest rates. Only the Hebrews were affected by the rule, which allowed outsiders to lend money at interest.
The Hebrews were told not to charge interest to the poor since they borrowed money primarily for consumption. This regulation was changed during Solomon’s reign, when charging interest at a low rate was acceptable. Thus, the concepts of interest described by Hebrews were close to those expressed by ancient Hindu philosophers.
2. Agriculture: The Hebrews valued agriculture priority
Agriculture was more important to the Hebrew economy. People are encouraged to purchase land because it is profitable, because the trade was profitable but they could lose money in an instant.
There was also a tendency to ignore trade and the trading community. That might be why the Hebrews did not engage in commerce or manufacturing.
3. Property: Land was the main form of property
Land was the most valuable asset in the Hebrew economy. All resources above and below the land surface belonged to the owner of a plot of land. Land, slaves, talent, silver, and other valuable metals were used to measure wealth.
4. Market Price: Hebrew economy not allowed to raise market prices for speculative purposes
The Hebrews took considerable attention in drafting regulations prohibiting the use of counterfeit weights and measures, as well as the adulteration of food and drink. Monopoly and speculating were prohibited even more strictly. It was not allowed to raise market prices for speculative purposes.
5. Labor and Wages: Hebrews prioritized agricultural labor
The Hebrews prioritized agricultural labor. There was no shortage of labor, and wage laborers were available.
The Hebrews did not establish any regulations to govern the relationship between an employer and an employee. The most important rules concerned kindness and fairness for them.
6. Taxes: In the Hebrew economy, there were no taxes
In the Hebrew economy, there were no taxes. Bridges, roads, and other public utility services were all built with the help of labor. Taxes on customs and tolls were collected. The toll tax was said to as a payment paid by every man for the upkeep of temples.
The Hebrew economy’s economic ideas were discussed and became clear that their way of life was very simple, and that religion, law, ethics, philosophy, and economic ideas were all connected.