This is an interesting statement: that the rod and reproof give wisdom.  It is interesting because our country has outlawed the rod (ie. Spanking) and America is paying badly for that.  Verse 16 speaks of lawlessness which we also have plenty of, but the righteous will see their fall.  Wickedness cannot endure forever.  A corrected child will eventually give rest to those (hopefully its rightful parents) who raise him. 

I am not sure exactly the meaning of the phrase, ‘no vision’.  Some translations use the word revelation, which ultimately means hearing from God.  The term was used in I Samuel and the first few chapters.  It tells us that the Word of the LORD was rare in those days and there was no open vision and the people were perishing. 
There is an interesting thought in verse twenty one.  It says:  He that delicately bringeth up up his servant from a child, shall have him become his son at the length.  In the culture of that day as well as when the New Testament was written it was not uncommon for a wealthy business man to adopt a homeless boy.  He would bring him into his home, have him tutored, and he would also teach him our his line of work so that once he had reached maturity, he was made a full son with the benefit of being heir to his business and ability to run his business one day.  This is spiritually true about us and God according to Romans 8:23.




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