High interest rates normally occur with high inflation making it cheaper to borrow. The "real" rate your paying back is interest-inflation. Prodigals and projec

High interest rates normally occur with high inflation making it cheaper to borrow. The "real" rate your paying back is interest-inflation. Prodigals and projectors borrow at a premium above the interest rate whatever the prevailing rate. Directly quoting Adam Smith is an argument via authority. Evolution doesn't rest on The Origin of the Species but on predictive power. Unless your interest is historical you would be better off reading a modern text. edit: Actually Smith is talking about Usury Laws.