iMedia: No trust, no wealth

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July 07, 2009

No trust, no wealth

What are the economics of trust? Given the erratic nature of markets, trust, an expectation of fair dealing between individuals, is much more than that. Jim Harford, Forbes:

Being able to trust people might seem like a pleasant luxury, but economists are starting to believe that it's rather more important than that. Trust is about more than whether you can leave your house unlocked; it is responsible for the difference between the richest countries and the poorest.

Hat tip: Jonah Lehrer.

Posted on July 07, 2009 at 06:43 AM | Permalink

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