Why Trust Matters: An Economist's Guide to the Ties That Bind Us PDF
Preview Why Trust Matters: An Economist's Guide to the Ties That Bind Us
WHY TRUST MATTERS WHY TRUST MATTERS An Economist’s Guide to the Ties That Bind Us BENJAMIN HO Columbia University Press New York Columbia University Press Publishers Since 1893 New York Chichester, West Sussex cup.columbia.edu Copyright © 2021 Benjamin Ho All rights reserved Library of Congress Cataloging-in-Publication Data Names: Ho, Benjamin Tseng author. Title: Why trust matters : an economist's guide to the ties that bind us / Benjamin Ho. Description: New York City : Columbia University Press, 2021. | Includes index. Identifiers: LCCN 2020051482 (print) | LCCN 2020051483 (ebook) | ISBN 9780231189606 (hardback) | ISBN 9780231548427 (ebook) Subjects: LCSH: Trust–Economic aspects. | Economics–Psychological aspects. | Game theory. Classification: LCC HB72 .H596 2021 (print) | LCC HB72 (ebook) | DDC 330.01/9–dc23 LC record available at https://lccn.loc.gov/2020051482 LC ebook record available at https://lccn.loc.gov/2020051483 Columbia University Press books are printed on permanent and durable acid-free paper. Printed in the United States of America Cover design: Milenda Nan Ok Lee Cover image: kadirkaba © iStock BRIEF CONTENTS Acknowledgments vii 1 Economics of Trust 1 2 The History of Trust 37 3 Trust in the Modern Economy 97 4 Trusting Institutions with Expertise 172 5 Trusting One Another 232 6 Conclusion 273 Detailed Contents 277 Notes 281 Index 307 ACKNOWLEDGMENTS T HANK you to all the many readers, students, and former students who gave comments and feedback of early drafts along the way. Writing a book is daunting, and you worry that nothing you write makes any sense. Comments and suggestions provided helpful reassurance that at least some parts of the book now make some sense to at least some people. Thank you all of my former students, and in particular to Ivy Teng, Stephanie Coons, Zoey Chopra, Eric Heydorn, and Sanaya Shikari for their detailed comments. Thank you to my research assistant, Diana Henry, whom I hired because she never hesitated to challenge my ideas. She helped greatly in thinking through the structure and themes of the book. Thank you also to my line editor, Sara Streett, whose careful and critical reading did much to clarify my prose and my thinking. Thank you to Seth Stephens-Davidovitz for his guidance. Thank you to my friend Reza Hasmath for our long discussions about trust that helped inspire this book. Thank you to my great and supportive editors at Columbia University Press, Bridget Flannery-McCoy, Eric Schwartz, and Christian Winting. viii Acknowledgments Thank you to my PhD advisor Edward Lazear, who passed away shortly before this book came to print. While I was still a student, he told me to always sign and dedicate every gift copy of the book that he was sure I would one day write. I was excited to dedicate the first copy to him. His influence is everywhere in this book, particularly his unwavering faith in the ability of economics to uncover universal truths. He will be greatly missed. Thank you to all my professors, friends, and colleagues who have shaped my intellectual journey, challenged my ideas and forced to refine my thinking. Thank you to my mom, Lan Ho, for making me the person I am today, and my brother Andy Schlesinger, for always keeping me honest. Finally, thank you to my wife, Romina Wahab, who has supported me every step of the way, and to my children for their inspiration and for always reminding me about what is most important. WHY TRUST MATTERS
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