My grandfather gave credit in the sense that he would give goods and they would pay later. He had an implicitly I'm sure large rate of interest. Do we really want to make it hard for immigrants to come to America? They do menial things at very low wages that are unpleasant to make better lives for their children and grandchildren. The answer is it shouldn't be that hard in the first place.
Mike Munger of Duke University talks with EconTalk host Russ Roberts about the psychology, sociology, and economics of buying and selling. Why are different transactions that seemingly make both parties better off frowned on and often made illegal? In theory, all voluntary transactions should make both parties better off. But Munger argues that some transactions are more voluntary than others. Munger lists the attributes of a truly voluntary transaction, what he calls a euvoluntary transaction and argues that when transactions are not euvoluntary, they may be outlawed or seen as immoral. Related issues that are discussed include price gouging after a natural disaster, blackmail, sales of human organs, and the employment of low-wage workers.