>"A common way to get a first-order approximation of this relationship is to estimate the correlations between trust and GDP per capita. This visualization provides evidence of this correlation... As it can be seen, there is a very strong positive relationship. Most academic studies find that this relationship remains after controlling for further characteristics."
Trust is vital to maintaining healthy financial and business relationships. Contracts, loans, credit, cheques, post-paid billing, and much more all reduce friction and costs in an economy and depend on trust.
>"A common way to get a first-order approximation of this relationship is to estimate the correlations between trust and GDP per capita. This visualization provides evidence of this correlation... As it can be seen, there is a very strong positive relationship. Most academic studies find that this relationship remains after controlling for further characteristics."
Trust is vital to maintaining healthy financial and business relationships. Contracts, loans, credit, cheques, post-paid billing, and much more all reduce friction and costs in an economy and depend on trust.