What is the Talmud and why do Jews think it is important to study it?

The Talmud is a large compilation of doctrines and laws that have been accumulated and written before the 8th Century A. D. It is the basic book of Jewish Law and mentions the Old Testament. It is important to the Jews because the Talmud shaped them as a people and many aspects of their culture is derived from it. For the Jews, it not only comprises the foundation of Jewish culture but it is actively practiced by the Jews where they immerse themselves emotionally as well as intellectually.