In the case of gift-giving, as we’ve seen, this requires a certain equality of status. That’s why our economics professor didn’t feel any sense of obligation—any debt of honor—if taken out to dinner by someone who ranked either much higher or much lower than himself. With money loans, all that is required is that the two parties be of equal legal standing. (You can’t lend money to a child, or to a lunatic. Well, you can, but the courts won’t help you get it back.) Legal—rather than moral—debts have other unique qualities. For instance, they can be forgiven, which isn’t always possible with a
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