Why Trust Matters: An Economist's Guide to the Ties That Bind Us Audible Audiobook – Unabridged
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.
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.
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|Listening Length||9 hours and 49 minutes|
|Whispersync for Voice||Ready|
|Audible.com Release Date||July 06, 2021|
|Best Sellers Rank|| #162,855 in Audible Books & Originals (See Top 100 in Audible Books & Originals) |
#143 in Economic Theory (Audible Books & Originals)
#288 in Economic History (Audible Books & Originals)
#1,197 in Theory of Economics
Top reviews from the United States
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I cannot recommend this book highly enough.
Overall, this is a must-read for anyone interested in economics, behavior, or simply curious about the nature of everyday interactions and transactions.
In the first chapter, Ho describes some aspects of trust, and even how it can be difficult for scholars in many fields to even precisely define what trust means. He also introduces the concept of the“trust game” experiment, as one way that economists study behavior. Chapter Two describes how trust has been central to human civilization over the years. Ho discusses how our social structures have evolved over the years, and even gets into human biology and how the brain process social interactions. Chapter Three investigates trust as it applies specifically to economics, and how economists use models and experiments to try to translate trust into a mathematical framework. Chapter Four deals with trust in other institutions, and Chapter Five discusses interpersonal trust, in individual relationships and interactions with others. In Chapter 6 Ho ties it all together, gives a summary and offers some future predictions.
Overall, I thought that this book was very well written, and approached the topic of trust from a few different perspectives that I hadn't considered before. Ho was able to explain these technical behavioral economics concepts in a way that was fairly easy to understand. He was able to move fluidly from history to biology to math and back to economic theory, with enough knowledge of each subject to make clear points; without ever being too overwhelming. It took me a little longer to read than some other books of similar length; and that was partly because I was unfamiliar with most of the economics, and partly because I sat and thought about some of the ideas for long periods of time between chapters. I won't promise that you will find it as interesting as I did, but I have to give it 5/5.