Why Trust Matters

Why Trust Matters

Author: Benjamin Ho

Publisher: Columbia University Press

Published: 2021-06-29

Total Pages: 376

ISBN-13: 0231548427

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Have economists neglected trust? The economy is fundamentally a network of relationships built on mutual expectations. More than that, trust is the glue that holds civilization together. Every time we interact with another person—to make a purchase, work on a project, or share a living space—we rely on trust. Institutions and relationships function because people place confidence in them. Retailers seek to become trusted brands; employers put their trust in their employees; and democracy works only when we trust our government. Benjamin Ho reveals the surprising importance of trust to how we understand our day-to-day economic lives. Starting with the earliest societies and proceeding through the evolution of the modern economy, he explores its role across an astonishing range of institutions and practices. From contracts and banking to blockchain and the sharing economy to health care and climate change, Ho shows how trust shapes the workings of the world. He provides an accessible account of how economists have applied the mathematical tools of game theory and the experimental methods of behavioral economics to bring rigor to understanding trust. Bringing together insights from decades of research in an approachable format, Why Trust Matters shows how a concept that we rarely associate with the discipline of economics is central to the social systems that govern our lives.


Trust, Control, and the Economics of Governance

Trust, Control, and the Economics of Governance

Author: Philipp Herold

Publisher: Routledge

Published: 2019-06-05

Total Pages: 173

ISBN-13: 1000023346

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In today’s world, we cooperate across legal and cultural systems in order to create value. However, this increases volatility, uncertainty, complexity, and ambiguity as challenges for societies, politics, and business. This has made governance a scarce resource. It thus is inevitable that we understand the means of governance available to us and are able to economize on them. Trends like the increasing role of product labels and a certification industry as well as political movements towards nationalism and conservatism may be seen as reaction to disappointments from excessive cooperation. To avoid failures of cooperation, governance is important – control through e.g. contracts is limited and in governance economics trust is widely advertised without much guidance on its preconditions or limits. This book draws on the rich insight from research on trust and control, and accommodates the key results for governance considerations in an institutional economics framework. It provides a view on the limits of cooperation from the required degree of governance, which can be achieved through extrinsic motivation or building on intrinsic motivation. Trust Control Economics thus inform a more realistic expectation about the net value added from cooperation by providing a balanced view including the cost of governance. It then becomes clear how complex cooperation is about ‘governance accretion’ where limited trustworthiness is substituted by control and these control instances need to be governed in turn. Trust, Control, and the Economics of Governance is a highly necessary development of institutional economics to reflect progress made in trust research and is a relevant addition for practitioners to better understand the role of trust in the governance of contemporary cooperation-structures. It will be of interest to researchers, academics, and students in the fields of economics and business management, institutional economics, and business ethics. Note that this work is the first of its kind that explicitly reflects on the societal realities, how these drive the assumption setting process, and how these assumptions influence the theory outcome.


Entrepreneurship and Business Culture

Entrepreneurship and Business Culture

Author: Mark Casson

Publisher: Edward Elgar Publishing

Published: 1995

Total Pages: 314

ISBN-13:

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This text examines how the entrepreneurial firm succeeds by synthesizing information from different sources. The author argues that a nation needs to invest in social institutions, such as schools, families and organized religion, in order to instill a sense of moral obligation and so sustain entrepreneurial success. Themes raised in this volume include cultural perspectives on economic issues, entrepreneurship in a cultural context and the political economy of national culture.


The Philosophy of Trust

The Philosophy of Trust

Author: Paul Faulkner

Publisher: Oxford University Press

Published: 2017

Total Pages: 310

ISBN-13: 0198732546

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Trust is central to our social lives. We know by trusting what others tell us. We act on that basis, and on the basis of trust in their promises and implicit commitments. So trust underpins both epistemic and practical cooperation and is key to philosophical debates on the conditions of its possibility. It is difficult to overstate the significance of these issues. On the practical side, discussions of cooperation address what makes society possible-of how it is that life is not a Hobbesian war of all against all. On the epistemic side, discussions of cooperation address what makes the pooling of knowledge possible-and so the edifice that is science. But trust is not merely central to our lives instrumentally; trusting relations are themselves of great value, and in trusting others, we realise distinctive forms of value. What are these forms of value, and how is trust central to our lives? These questions are explored and developed in this volume, which collects fifteen new essays on the philosophy of trust. They develop and extend existing philosophical discussion of trust and will provide a reference point for future work on trust.


Trust

Trust

Author: Francis Fukuyama

Publisher:

Published: 1995

Total Pages: 488

ISBN-13:

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The bestselling author of The End of History explains the social principles of economic life and tells readers what they need to know to win the coming struggle for global economic dominance.


For Good Measure

For Good Measure

Author: Joseph E. Stiglitz

Publisher: The New Press

Published: 2019-11-19

Total Pages: 450

ISBN-13: 1620975726

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Today's leading economists weigh in with a new "dashboard" of metrics for measuring our economic and social health "What we measure affects what we do. If we focus only on material well-being—on, say, the production of goods, rather than on health, education, and the environment—we become distorted in the same way that these measures are distorted." —Joseph E. Stiglitz A consensus has emerged among key experts that our conventional economic measures are out of sync with how most people live their lives. GDP, they argue, is a poor and outmoded measure of our well-being. The global movement to move beyond GDP has attracted some of the world's leading economists, statisticians, and social thinkers who have worked collectively to articulate new approaches to measuring economic well-being and social progress. In the decade since the 2008 economic crisis, these experts have come together to determine what indicators can actually tell us about people's lives. In the first book of its kind, leading economists from around the world, including Thomas Piketty, Emmanuel Saez, Elizabeth Beasely, Jacob Hacker, François Bourguignon, Nora Lustig, Alan B. Krueger, and Joseph E. Stiglitz, describe a range of fascinating metrics—from economic insecurity and environmental sustainability to inequality of opportunity and levels of trust and resilience—that can be used to supplement the simplistic measure of gross domestic product, providing a far more nuanced and accurate account of societal health and well-being. This groundbreaking volume is sure to provide a major source of ideas and inspiration for one of the most important intellectual movements of our time.


Trust in Society

Trust in Society

Author: Karen Cook

Publisher: Russell Sage Foundation

Published: 2001-01-11

Total Pages: 432

ISBN-13: 161044132X

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Trust plays a pervasive role in social affairs, even sustaining acts of cooperation among strangers who have no control over each other's actions. But the full importance of trust is rarely acknowledged until it begins to break down, threatening the stability of social relationships once taken for granted. Trust in Society uses the tools of experimental psychology, sociology, political science, and economics to shed light on the many functions trust performs in social and political life. The authors discuss different ways of conceptualizing trust and investigate the empirical effects of trust in a variety of social settings, from the local and personal to the national and institutional. Drawing on experimental findings, this book examines how people decide whom to trust, and how a person proves his own trustworthiness to others. Placing trust in a person can be seen as a strategic act, a moral response, or even an expression of social solidarity. People often assume that strangers are trustworthy on the basis of crude social affinities, such as a shared race, religion, or hometown. Likewise, new immigrants are often able to draw heavily upon the trust of prior arrivals—frequently kin—to obtain work and start-up capital. Trust in Society explains how trust is fostered among members of voluntary associations—such as soccer clubs, choirs, and church groups—and asks whether this trust spills over into other civic activities of wider benefit to society. The book also scrutinizes the relationship between trust and formal regulatory institutions, such as the law, that either substitute for trust when it is absent, or protect people from the worst consequences of trust when it is misplaced. Moreover, psychological research reveals how compliance with the law depends more on public trust in the motives of the police and courts than on fear of punishment. The contributors to this volume demonstrate the growing analytical sophistication of trust research and its wide-ranging explanatory power. In the interests of analytical rigor, the social sciences all too often assume that people act as atomistic individuals without regard to the interests of others. Trust in Society demonstrates how we can think rigorously and analytically about the many aspects of social life that cannot be explained in those terms. A Volume in the Russell Sage Foundation Series on Trust!--


Trust, Ethnicity, and Identity

Trust, Ethnicity, and Identity

Author: Janet T. Landa

Publisher: University of Michigan Press

Published: 1994

Total Pages: 248

ISBN-13: 9780472103614

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How ethnic kin-based trading networks can rely on trust when a well-developed framework of contract laws is missing


Political Order and Political Decay

Political Order and Political Decay

Author: Francis Fukuyama

Publisher: Farrar, Straus and Giroux

Published: 2014-09-30

Total Pages: 673

ISBN-13: 1429944323

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The second volume of the bestselling landmark work on the history of the modern state Writing in The Wall Street Journal, David Gress called Francis Fukuyama's Origins of Political Order "magisterial in its learning and admirably immodest in its ambition." In The New York Times Book Review, Michael Lind described the book as "a major achievement by one of the leading public intellectuals of our time." And in The Washington Post, Gerard DeGrott exclaimed "this is a book that will be remembered. Bring on volume two." Volume two is finally here, completing the most important work of political thought in at least a generation. Taking up the essential question of how societies develop strong, impersonal, and accountable political institutions, Fukuyama follows the story from the French Revolution to the so-called Arab Spring and the deep dysfunctions of contemporary American politics. He examines the effects of corruption on governance, and why some societies have been successful at rooting it out. He explores the different legacies of colonialism in Latin America, Africa, and Asia, and offers a clear-eyed account of why some regions have thrived and developed more quickly than others. And he boldly reckons with the future of democracy in the face of a rising global middle class and entrenched political paralysis in the West. A sweeping, masterful account of the struggle to create a well-functioning modern state, Political Order and Political Decay is destined to be a classic.


The Economics of Integrity

The Economics of Integrity

Author: Anna Bernasek

Publisher: Harper Collins

Published: 2010-02-06

Total Pages: 214

ISBN-13: 0061987719

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“Anyone interested in understanding what makes our economy work must have this on their bookshelf.” —Mark Zandi, Chief Economist, Moody's In The Economics of Integrity, acclaimed financial journalist Anna Bernasek presents a deceptively straightforward argument: that the attributes of trust and integrity, beyond being simply virtuous ideals, are actually the bedrocks of a successful economy and culture. Bernasek has written a big-idea book with the readability of Predictably Irrational, and presents a compelling hypothesis that most of the things we take for granted in our lives depend on integrity. In the words of Dan Gross (Senior Editor, Newsweek, and author of Dumb Money: How Our Greatest Financial Minds Bankrupted the Nation), “in an era of structured finance, nano-technology, and complex business models, Anna Bernasek’s timely, valuable, and highly readable book reminds us that the economy runs on something much more simple: trust.”