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My dictionary defines it as "the illegal action or practice of lending money at unreasonably high rates of interest." It gives no alternate definition. If that
by mikeash 8y ago
My dictionary defines it as "the illegal action or practice of lending money at unreasonably high rates of interest." It gives no alternate definition. If that isn't what you meant then I think you should use a different word.
- garmaine 8y agoit Is what I meant, except for the illegal part which I believe is a bad definition here, and emphasis on the fact that “unreasonable” is up for debate. In many circles any real interest rate (meaning beyond the risk premium) is an economic rent and therefore unreasonable and correctly described as usury. Whether it is legal or not depends on the jurisdiction.
- mikeash 8y agoIf it’s not illegal then it’s not usury, sort of like how it’s not murder if it’s legal to kill that person.
- garmaine 8y agoThe term usury has religious origins predating the modern concept of law. It is a term used by law not invented for it.
- mikeash 8y agoThe meaning of a word is not guaranteed to track its origins. Communication is a two-player cooperative game with a complicated set of shared rules. If you want to win, follow those rules, don’t try to come up with better ones.