Honesty and Trust in Economic Relationships
Trust is not a homogeneous phenomenon. In economic relationships different trust structures are at work, including distrust, negative trust and the lack of trust. Perceived honesty and competence co-determine the trust structures the agents might have in interacting with others. Trust structures influence the way agents are engaged in economic relationships. Honesty and competence should be developed to improve trust structures in economic relationships. Ethics is not a luxury; it is an indispensable means to foster economic development.