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The Causes and
Consequences of
Interest Theory
Analyzing Interest
through Conventional
and Islamic Economics
Cem Eyerci
The Causes and Consequences of Interest Theory
 Cem Eyerci

The Causes
and Consequences
of Interest Theory
Analyzing Interest through Conventional
and Islamic Economics
Cem Eyerci
Central Bank of the Republic
of Turkey
Ankara, Turkey

ISBN 978-3-030-78701-1 ISBN 978-3-030-78702-8 (eBook)

https://doi.org/10.1007/978-3-030-78702-8

© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer
Nature Switzerland AG 2021
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 Preface

Interest has always been a part of humans’ daily economic life. Therefore,
the concept of interest has attracted intense attention and been studied
and discussed by philosophers, religious scholars, lawmakers, administra-
tors, and economists, regarding almost all its economic, social, moral, and
religious aspects. Receiving interest was mostly considered dishonorable,
disrespectable, uncharitable, unjust, and the source of many evils. It was
condemned in many societies for being a sin. For this reason, interest-
based lending has always been restricted by the authorities through legisla-
tive, administrative, and financial arrangements, religion, and ethics. In
cases when it was allowed, the rules of practicing interest were regulated
heavily. However, despite all these concerns and regulations, interest has
always been practiced in economic life.
By the seventeenth century, when the role of interest in economic
life became more significant, scholars began to deal with the concept of
interest more systematically, and many theories were developed on the
nature of interest. Among many others, Böhm-Bawerk’s comprehensive
time-preference theory of interest presented causes for the existence of
interest that may be claimed to be inherent.
On the other hand, a controversy emerged on the consequences
of interest rate control in the relevant literature. It was claimed that
prohibiting interest or limiting its rate, as a type of price control, has
undesired distortive effects on the market in general. If so, the means-ends
consistency in regulations may have to be reevaluated.

v
vi PREFACE

In this book, which is based on my Ph.D. dissertation, the concept of

interest is studied in aspects of its meaning, history, and relevant theories.
The time preference theory and the policy of interest rate control as a
type of price control are introduced. The motivation for banning interest
or limiting its rate and the instruments used in interest rate control are
reviewed. Considering that the supporters of an interest-free economic
system have the most explicit attitude against interest, the basics of the
Islamic economic system are presented, and the prohibition of interest is
analyzed. The approach and response of Islamic economists to the concept
of the time value of money, to the causes of time preference asserted as
the justifiers of interest, and to the claims on the distortive consequences
of interest rate control are scrutinized.
I like to express my gratitude to Dr. Fuat Oğuz for his invaluable
guidance and timely interventions that kept me on track and prevented
the waste of effort on secondary issues, which is highly probable in
such a work. I appreciate Dr. Ömer Demir for his considerable instruc-
tions, critiques, and, specifically, for his persistent encouragement to work
continuously, which was one of the main motivations to run to the
schedule. I owe thanks to Dr. Abdülkadir Develi for his comments that I
benefited much from and Dr. A. Ömer Toprak for frequently reminding
me of the task, which prevented me from slacking off. I also like to
thank Ruth Jenner, Abarna Antonyraj, and their colleagues at Palgrave
Macmillan for their kind assistance while finalizing the book and the
referees, who reviewed the proposal and final version of the book. Finally,
I am grateful to my family for easing many things through their support,
understanding, and patience during this intensive period.

Ankara, Turkey Cem Eyerci

 Contents

1 Some Introductory Remarks 1

1.1 The Legitimacy Problem 2
1.2 The Causes of Interest 3
1.3 Is Control of Interest a Good Idea? 4
1.4 Overview of the Content 6
References 9
2 The Concept of Interest: Meaning and History 13
2.1 What Is Interest? 13
2.2 The History of Interest 17
2.2.1 Mesopotamia 18
2.2.2 Ancient India 19
2.2.3 Ancient Greece 20
2.2.4 Ancient Rome 21
2.2.5 Byzantium 22
2.2.6 Interest in the Abrahamic Religions
and Medieval Europe 22
References 28
3 Theoretical Development and the Time Preference
Theory 31
3.1 The Theories of Interest 32
3.1.1 Turgot’s Theory of Interest 33
3.1.2 Productivity and Use Theories 34

vii
viii CONTENTS

3.1.3 Abstinence Theories 35

3.1.4 Labor Theories 36
3.1.5 Exploitation Theories 37
3.1.6 Impatience Theory 38
3.1.7 Loanable Funds Theory 38
3.1.8 Liquidity Preference Theory 39
3.1.9 Pure Time Preference Theory 39
3.2 Böhm-Bawerk’s Time Preference Theory 40
3.2.1 The Theoretical, Social and Political Aspects
of Interest 40
3.2.2 Superiority of Present Goods to Future Goods 43
3.2.2.1 Expectation of a Lower Marginal
Utility in the Future 43
3.2.2.2 Underestimation of the Future 44
3.2.2.3 Technical Superiority of Present Goods
in Production 44
3.2.3 Time Preference and Interest 45
3.3 Critiques of Böhm-Bawerk’s Theory of Interest 47
3.4 The Validity of Böhm-Bawerk’s Theory in Present
Economic System 50
References 51
4 The Motivation for Controlling Interest and Its
Instruments 55
4.1 The Motivation for Prohibiting and Limiting Interest 56
4.1.1 An Income Without Working 57
4.1.2 Benefiting from the Poor People 57
4.1.3 Enhancing the Inequality in Distribution
of Wealth 58
4.1.4 Causing Economic Instability 59
4.1.5 Discounting the Future 59
4.1.6 High Cost on Investment and Development 60
4.1.7 Causing Slavery 60
4.2 The Instruments of Regulating Interest Rates 60
4.2.1 Religious Beliefs 61
4.2.2 Social Norms 62
4.2.3 Legal arrangements 62
4.2.4 Financial Instruments 63
References 65
 CONTENTS ix

5 Interest Rate Control 67

5.1 The Price Control and Cheung’s Model 68
5.1.1 The Mechanism and Consequences of Price
Control 70
5.1.1.1 Price Ceiling 71
5.1.1.2 Price Floor 73
5.1.1.3 Signaling Role of Price 75
5.1.2 Cheung’s Price Control Model 77
5.2 The Consequences of Interest Rate Control 80
References 84
6 Basics of Islamic Economics and the Prohibition of Riba 87
6.1 The Basics of Islamic Economic System 89
6.2 Prohibition of Interest 91
6.2.1 The Pre-Islamic Riba 92
6.2.2 Riba in Quran 92
6.2.3 Riba in Sunnah 93
6.2.4 Riba in Fiqh (Islamic Jurisprudence)
and the Traditional Perspective 95
6.3 Contrarians of the Traditional Perspective on Interest 97
6.4 The Alternative Instruments to Interest and Devious
Ways 102
6.4.1 Profit-Loss Sharing Instruments 105
6.4.2 Sale with a Promise to Repurchase 105
6.4.3 Sale of the Right of Use 106
6.4.4 Instruments Based on Forward Sale 106
6.4.5 Cash Waqfs 109
6.4.6 Instruments in Christianity and Judaism 110
Appendix 6.1: A Chronological Bibliography of Islamic
Economics on Interest 111
Appendix 6.2: The Translation of the Term Riba into English 124
References 127
7 Time Preference and Price Control in Islamic
Economics 131
7.1 Time Preference in Islamic Economics Literature 132
7.1.1 Time Value of Money 132
7.1.1.1 The Rejecters 132
7.1.1.2 The Conditional Acceptors 132
7.1.1.3 The Acceptors 134
x CONTENTS

7.1.2 Time Preference in Islamic Economics 134

7.1.2.1 The Rejecters of the Generality
of Positive Time Preference 135
7.1.2.2 The Deniers of the Relation of Positive
Time Preference with Interest 137
7.1.2.3 The Acceptors of Positive Time
Preference as a Common Attitude 138
7.1.3 Islamic Economists, Böhm-Bawerk’s Theory,
and the Time Value of Money 140
7.2 Consideration of Interest Rate Control in Islamic
Economics Literature 142
References 144
8 Conclusion 147
References 158

Index 163
 List of Figures

Fig. 2.1 Various breakdowns of interest 16

Fig. 3.1 Böhm-Bawerk’s causes of the superiority of present goods
to future goods 46
Fig. 5.1 The supply–demand curve with price ceiling 71
Fig. 5.2 The supply–demand curve with price floor 74

xi
 List of Tables

Table 2.1 The change in the meaning of interest over time 14

Table 2.2 Some definitions of interest made by various scholars 15
Table 2.3 Some annual interest rates practiced in Ancient times
and Medieval Europe 26
Table 3.1 Some theories of interest, their founders and basic
principles 41
Table 4.1 Some examples of the instruments used in interest rate
control 64
Table 5.1 Some cases of price ceilings and probable consequences 73
Table 5.2 Some cases of price floors and probable consequences 76
Table 5.3 Consequences of interest rate control 83
Table 6.1 The views contrary to the traditional concept of Riba 101
Table 6.2 The words used for Riba in nineteen translations
of Quran into English, by verse (frequency) 102
Table 6.3 The words used for Riba in nineteen translations
of Quran into English, by translator (frequency) 103
Table 6.4 The four groups of Muslim scholars’ consideration
of Riba and interest 105
Table 6.5 Some instruments used in Islamic economics alternative
to interest 108
Table 6.6 The alternative instruments to interest in Abrahamic
religions 110
Table 6.7 The term Riba in the Quran’s English translations 125

xiii
xiv LIST OF TABLES

Table 7.1 The approaches of Islamic economists to the time value

of money 135
Table 7.2 The views of Islamic economists on the concept of time
preference 140
 CHAPTER 1

Some Introductory Remarks

Lending has been a practice of humans’ daily life presumably since the
prehistoric ages well before the beginning of the usage of coin money.
The first farmers, who lacked seed at sowing time but could not find a
benefactor to receive the seed as gift or aid from, might have borrowed
the seed. The lenders were lending to friends, neighbors, relatives, or
needy people consentingly to receive back an amount of seed equal to
the loan. On the other hand, some of these loans were made to receive
back more at harvest-time (Homer 1963). The increment in the quantity
of the loaned seed was called interest and had been paid for the other
loaned goods and money as well, afterward.
Even though not complicated as it is in modern times, surprisingly still,
the interest-based transactions were not merely comprised of ordinary and
uniform practices. From the beginning, at least since the third millen-
nium BC, there were standard values (Homer 1963) used in exchange,
and beside the basic interest , compound interest was being practiced
(Graeber 2011). The interest rates were changing in time and differen-
tiating according to the place, loaned good, lender, borrower, and the
purpose of the loan.

© The Author(s), under exclusive license to Springer Nature 1

Switzerland AG 2021
C. Eyerci, The Causes and Consequences of Interest Theory,
https://doi.org/10.1007/978-3-030-78702-8_1
2 C. EYERCI

1.1 The Legitimacy Problem

Along with the practice of interest-based transactions, a debate had
continued on the legitimacy of interest. Since ancient times, many
societies have condemned interest, and the authorities regulated interest-
based transactions due to various concerns (Durkin 1993; Rougeau 1996;
Visser and McIntosh 1998; Sharawy 2000; DeLorenzo 2006; Farooq
2012; Erdem 2018). It has been claimed that interest is an income
received without working, is benefiting from the poor people, causes
economic instability, enhances the inequality in the distribution of wealth,
undermines the spirituality of people, and decreases the tendency to
entrepreneurship, etc.
From ancient societies to the countries of the modern world, the
authorities regulated interest-based transactions in aspects of execution,
registration, and enforcement. However, the interventions were mostly to
limit the rate of interest or to prohibit its practice. The interest rates were
controlled by establishing upper limits changing in time and varying by
the type of loan, lender, and borrower. In some periods of ancient Greece
and ancient Rome, all kinds of interest-based lending were prohibited
(Homer 1963; Visser and McIntosh 1998; Graeber 2011; Olechnowicz
2011).
In the regulation of interest-based transactions, besides legal and finan-
cial means, religious and ethical instruments were used in the past and
being used today as well. Receiving interest is considered a sin and
regulated almost in all religions (Visser and McIntosh 1998). In many
societies, lending at interest has widely been considered unnatural, ethi-
cally disrespectable, and dishonorable (Homer 1963; Olechnowicz 2011;
Graeber 2011). There have been laws regulating the interest-based trans-
actions since ancient Babylonia’s Code of Hammurabi (Homer 1963;
Visser and McIntosh 1998; Graeber 2011; Geisst 2013). Today, in some
countries, interest-bearing loans are entirely prohibited by law. In some
other countries, including developed ones, some interest rate ceilings
are defined (Glaeser and Scheinkman 1994; Reifner, Clerc-Renaud, and
Knobloch 2010). The interest rates are also being controlled by the use
of financial instruments such as lending to needy people at low-interest
rates or free of interest (Homer 1963), and regulating the cost of the
creditors through the reserve requirement ratios imposed by the central
banks (Reifner et al. 2010).
 1 SOME INTRODUCTORY REMARKS 3

1.2 The Causes of Interest

On the other hand, since ancient times, along with the evolving exis-
tence of interest and interventions of the authorities, the nature of interest
has been studied much by philosophers, religious scholars, and lawmakers
regarding its economic, moral, and religious aspects. In the seventeenth
century, the role of interest in economic life became more significant by
the increment in the mobility of money and the need for finance due
to the developing trade. In consequence, the supporters of interest-based
transactions, including mercantilists, physiocrats, and classical economists,
came into the scene. In the new era, the scholars dealt with the concept
of interest more, but particularly with its economic aspects rather than
moral and religious aspects this time (Küçükkalay 2018). It was plausible
why a needy borrower, who had no other option, was consentingly paying
interest. However, the cause for the lenders’ consideration of having the
right to receive interest was not clear enough.
Thus, many theories were developed, attempting to explain the cause
of the existence of interest. They mainly tried to answer the question:
Why is there interest? The remaining part of the problem was in the
social and political domain of the issue, and about interest’s effect, neces-
sity, justice, fairness, usefulness, and goodness (Böhm-Bawerk 1890). The
scholars studied the concept of interest within the scope of the distribu-
tion theory. They defined interest as the income received from the capital,
one of the four production factors.
There were monetary theories of interest, which dealt with the deter-
mination of interest rate by considering the quantity and velocity of
money, and nonmonetary ones as well. From another aspect, the interest
theories grounded on various causes, such as the productivity of capital,
abstinence from the unproductive use of capital, human impatience,
return from capital that is a form of stored labor, and exploitation of
needy people.
The theories developed on the concept of time preference were among
the most cited interest theories. Since Böhm-Bawerk is considered the
founder of the modern theory of interest (Conard 1959; Potuzak 2016),
his approach of time preference has particular importance. After severely
criticizing several previous interest theories (Böhm-Bawerk 1890, 1903),
Böhm-Bawerk (1930) developed a new one stating time preference as the
focal point of the issue. The essential difference of his approach from the
others’ methodologies was the distinction he made between the positive
4 C. EYERCI

and normative aspects of the concept of interest. The positive and norma-
tive distinction is very crucial in modern economics in which the first one
focuses on what is, and the second one what ought to be. Böhm-Bawerk
(1890) claimed that the cause of mistakes made in economists’ works on
the theory of interest was the lack of the abovementioned distinction.
Time preference in economics is defined as people’s value attribution to
present goods higher than future ones that have exactly the same quality
and quantity. Thus, interest is the difference between the present and
future values of a good.
Böhm-Bawerk (1930) specified three causes that can be considered
valid in general, for the valuation of present goods higher than future
ones. The first two causes were the preference for more consump-
tion at present. People might prefer to consume more for consumption
smoothing or because of the underestimation of the future due to
the psychological traits of ordinary human beings. The third cause was
not about the preference of present consumption but the desire for
production more in value in the future.
Böhm-Bawerk’s theory of interest has been in the focus of many
scholars, and a number of them criticized it in various aspects (Walker
1892; Clark 1894; Fetter 1902; Fisher 1907; Mises 2006; Keynes 2013).
However, after more than a hundred years of its assertion, the theory is
still being worked on (Olson and Bailey 1981; Becker and Mulligan 1997;
Frederick et al. 2002; Hülsmann 2002; Murphy 2003; Van Suntum and
Neugebauer 2014).

1.3 Is Control of Interest a Good Idea?

Besides the debates on the legitimacy of interest-based transactions and
the cause of interest, there has been a third controversy about whether
controlling interest, namely prohibiting it or limiting its rate, is serving
the purpose or not. Although there are scholars defending regulation
of interest (Smith 1776; Keynes 2013; Metwally 1990; Glaeser and
Scheinkman 1994; Rougeau 1996; Coco and De Meza 2009; Lee 2017;
Cheng 2018), most of the economists are opposed to any ceiling on the
rate of interest today (Durkin 1993). The opponents of limitations claim
that interest rate controls have undesired distortive effects on the market.
The stance of the regulation-opponents originates from their consid-
eration of the concept of price control. Price control is defined as the
restriction on the price of a good or service imposed by an authority. Price
 1 SOME INTRODUCTORY REMARKS 5

ceilings prevent high prices over a limit as done in rent control, and price
floors do not allow to transact at low prices under a limit as minimum
wages (Coyne and Coyne 2015a). Price controls in a specific market
are imposed for various purposes such as tackling inflation, protecting
the consumers from black-market and exploitation, achieving equity in
the workplace, preventing profiteering by property owners (Lipsey 1977;
Schuettinger and Butler 1979; Bashar 1997; Bourne 2015; Miller 2015;
Siebert 2015; Tabakoğlu 2016; Karadaği 2018).
Although used widely before, and still being used today, there have
been doubts about the usefulness of price controls and even concerns
about their adverse effects. Some controls are claimed to produce results
just opposite to the intention and to have undesired distortive conse-
quences on the market (Schuettinger and Butler 1979). Shortages;
increment in bribery and black-marketing; reduction in investment; wors-
ening in quality of existing properties; reduction in the construction
of new estates; increment in cost of labor; reduction in labor demand;
and increase in unemployment of the less qualified workers are some of
the claimed negativities of price controls (Lipsey 1977; Schuettinger and
Butler 1979; Booth and Davies 2015; Coyne and Coyne 2015b; Miller
2015; Siebert 2015; Snowdon 2015; Wellings 2015).
Yet another problem caused by price control that is argued is about the
signaling role of the price in the market (Schmidtz 2016). Since price is
considered a fast and effective transmitter (Sowell 1980) of a composite
signal that is formed by all the relevant information, any control prevents
this simplest way of the availability of required information in decision-
making and increases uncertainty. Furthermore, the masking effect of
price control may prevent to determine the real reasons for economic
troubles (Coyne and Coyne 2015b).
Being defined as the price of the use of a loan, controlling the rate of
interest is, no doubt, a form of price control. Then, interest rate control
may have effects on the market, similar to the impacts of other price
controls. A ceiling on interest under the market rate reduces the supply
of loans, increases the demand, and causes a shortage. In such a case,
although they are ready to borrow at a higher rate, the more needy
borrowers fall into trouble in finding a loan. Due to the distinction made
by lenders for being riskier, some of the borrowers that lost the opportu-
nity to borrow are guided to usurers, pawnshops, and loan sharks (Durkin
1993; Ellison and Forster 2008; Rigbi 2013). On the other hand, the less
6 C. EYERCI

needy borrowers, who borrow at a relatively lower interest rate, may not
use the loan efficiently.
Regarding the signaling role of price, interest rate control prevents
the transmission of some information, and a lack of information discour-
ages the new lenders from entering the loan market and distorts the free
competition.
The interest rate control may also have some macroeconomic nega-
tivity. The loss of the attraction of capital ownership may decrease
savings, and so, the investment may decline. In consequence, the adversely
affected output, employment, and income may reduce the total wealth
(Durkin 1993).

1.4 Overview of the Content

It has been discussed throughout history whether receiving interest
was licit. The philosophers, jurists, lawmakers, and economists either
legitimized interest or objected to it.
The supporters of interest defined it as a necessity, or at least as a
right, by asserting causes for its existence, referring to its usefulness in
economics, and claiming that interest rate controls have distortive conse-
quences in the market. The opponents, on the other hand, raised many
reasons for its evilness, condemned it, and restricted interest-based trans-
actions, either limiting interest rates or wholly prohibiting it. However,
despite all concerns about it, whether it was allowed or not, interest has
been more or less always practiced (Kuran 1995). As if inevitable, interest-
based transactions made either legally or using loopholes in regulations or
illicitly.
The controversy on interest is partially originating from the normative
aspects of the interest-opponents’ approaches. However, the opposing
economists are increasingly attempting to justify their assertions in the
positive domain. In this context, two interest-relevant issues deserve
special attention and clarification, one on the side of cause and the other
on the effect side.
The first ambiguity is about the reason for the existence of interest.
Among many other causes claimed, time preference seems to be the
most assertive one. In particular, Böhm-Bawerk’s comprehensive theory
presents an existential problem by grounding on the ordinary human
attitude that can be claimed to be inherent.
 1 SOME INTRODUCTORY REMARKS 7

The second controversial point is about the consequences of interest

rate control. If the prohibition of interest or limiting its rate has undesired
distortive effects on the market as claimed, means-ends consistency in
regulations may be required to reevaluate.
Because the supporters of interest-free economic systems have the most
explicit attitude against interest, the further success of the systems and the
interest-free financial instruments they proposed requires plausible inter-
pretations of these two issues. The conclusion may be either refuting or
entirely or partially acknowledging these two assertions: Time preference
is the cause of interest, and interest rate control has distortive conse-
quences. Whatever the conclusion is, their arguments would be more
accurate, and insofar as it is plausible, the arguments would be more
convincing for others. Therefore, to be financially and socially efficient,
any evaluation, judgment, or regulation on interest has to consider the
coercive demand for the usage of interest and the consequences of interest
rate control.
This book presents the concept of interest in aspects of meaning,
history, and nature by focusing on its causes and consequences. Time pref-
erence, an important reason that seems inevitable, and the non-negligible
implications of interest rate control are highlighted.
Although there are some other interest-free economic models and
movements, Islamic economics may be considered to lead the way by its
numerous supporters, relatively extensive literature, growing market, and
actively operating instruments. Among other reasons that separate Islamic
economics from conventional systems, the prohibition of interest is the
most significant one. Since it is the most cited interest-free economic
system, the basics of Islamic economics are reviewed. Specifically, the
prohibition of interest in Islam is focused, and Islamic economists’ inter-
pretations of time preference and consequences of interest rate control
are evaluated qualitatively.
In Chapter 2, the lexical meaning of interest and the definition of
interest in economics are presented, and the history of interest since
ancient times is reviewed.
In Chapter 3, the theoretical development in the concept of interest
and the prominent interest theories are summarized. Then, Böhm-
Bawerk’s time preference theory of interest is introduced in detail by
presenting his reason for developing a theory distinct from the existing
ones, and the critiques of various scholars and the works testing the
validity of the theory in the contemporary economy are reviewed.
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