Editing Time value of money (section)

==History==
The [[Talmud]] (~500 CE) recognizes the time value of money. In Tractate [[Makkot|Makkos]] page 3a the Talmud discusses a case where witnesses falsely claimed that the term of a loan was 30 days when it was actually 10 years. The false witnesses must pay the difference of the value of the loan "in a situation where he would be required to give the money back (within) thirty days..., and that same sum in a situation where he would be required to give the money back (within) 10 years...The difference is the sum that the testimony of the (false) witnesses sought to have the borrower lose; therefore, it is the sum that they must pay."<ref>{{Cite web|url=https://www.sefaria.org/Makkot.3a?lang=bi|title=Makkot 3a|website=www.sefaria.org}}</ref>

The notion was later described by [[Martín de Azpilcueta]] (1491–1586) of the [[School of Salamanca]].