Summary: God is freedom from slavery and fulfilled in life, in faith and total dependence to Jesus
Jubilee is an English variation of the Hebrew word jobel, which means "ram's horn," or “a trumpet-blast of liberty” the curved horn used as a trumpet to signal the year of the Jubilee in Israel.
In Leviticus 25, God commanded the House of Israel to observe a year of Jubilee every 50 years or 49 years depending on who you read. The Jubilee year (7x7) included four things: It was to be a couple of years of rest for the land. Also the forgiveness of all debts, the freedom of Israelite slaves and the Israelites, that were not living in walled cities, were to return to their original lands given to their ancestors when they entered the Promised Land of Milk and Honey.
Freedom from slavery of Israelites were given because man should only have one Master. So they were freed so they could serve Yahweh only.
According to the Torah, observance of Jubilee only applies when the Jewish people live in the land of Israel according to their tribes. So, with the exile of the tribes of Reuben, Gad and Manasseh (about 600 BCE), Jubilee has not been required but the meanings are still for us to learn what God intended when He proclaimed “The Year of Jubilee".
"The deepest meaning of the Jubilee Year is to be found in the restoring of all that was perverted by man's sin. In the establishing of the true liberty of the children of God (slavery), forgiveness of debts (which is a form of slavery), in the delivering of the creation from the bondage of corruption when they overworked the land and returning to their ancestors original land"
In the Year of Jubilee a great future era of Yahweh's favor is foreshadowed, that period which, according to Isaiah 61: 1-3, shall be ushered in to all those that labor and are heavy laden, (Luke 4: 18-19) by Him who was anointed by the spirit of God and his name is Yahweh (I Am) and we call Him Jesus.
The Simple Life:
This shows the reason why we may say that one of the factors constituting the Jubilee Year was the "simple life." They could not help but live simply for two consecutive years. (Year 7 and 8 of Jubilee when no planting was done only spontaneous growing of the land while resting.)
Nobody can deny that this afforded ample opportunity to develop the habit of living within very limited means. And again we see that this external part of life was to be use to consolidate our spiritual inner person; to draw personally closer to the one True God of the universes by walking in Faith with Him.
Here we have it all summed up for us:
The root of the simple life: there is no life without the freedom that comes from the one true God, no simplicity of life without total dependence and true faith in Him. This is all completed when we share in word and/or deed with others so they can know who God really is and know His salvation.
Matthew 4:4(kjv) But he answered and said, It is written, Man shall not live by bread alone, but by every word that proceedeth out of the mouth of God.