A Biblical and Economic Analysis of Jubilee Property Provisions

© Association of Christian Economists Abstract: The focus of this paper is on understanding biblical relationships between God, the chosen people of Israel, and the Promised Land. That is done by examining the covenantal relationships between these three entities and considering the economic implications for property ownership, land use, and valuation that result. The objective is to determine how covenantal relationships recorded in scripture provide insight regarding property relationships that are also relevant in contemporary economies. The paper includes an examination of the land and its covenantal context, setting the stage for examination of the economics of land use and land value. It begins by examining land allocation processes implemented within the covenant community. Then, it considers land use both within and without the covenant community noting differences in the law s̓ provisions on land use and redemption rules. Finally, given the institutional context provided by the law and its ownership and redemption provisions, the paper considers simple models of land value and analyzes the economic implications. JEL codes A13, R14, Z12. Professor of Economics, University of Nebraska