Credence: What Economics Gets Wrong About Trust, and How to Get It Right Book Summary
TL;DR
'Credence' by Katherine Hawley explores the misconceptions in economic theory about trust and offers a comprehensive framework for understanding and building trust in various contexts.
What is Credence: What Economics Gets Wrong About Trust, and How to Get It Right about
'Credence: What Economics Gets Wrong About Trust, and How to Get It Right' by Katherine Hawley delves into the critical yet often misunderstood role of trust in economics. Drawing from diverse disciplines like philosophy, psychology, and sociology, Hawley argues that traditional economic models fall short in capturing the nuances of trust. Through compelling examples and rigorous analysis, the book aims to reconstruct the economic understanding of trust, offering practical insights on how to foster and maintain trust in both personal and professional realms.
Credence: What Economics Gets Wrong About Trust, and How to Get It Right 5 Key Takeaways
Misconceptions about Trust in Economics
Traditional economic models often oversimplify trust, treating it as a mere byproduct of rational self-interest. Hawley dissects these misconceptions and argues for a more nuanced understanding.
Interdisciplinary Approach
By integrating insights from philosophy, psychology, and sociology, Hawley offers a richer, multidimensional view of trust, beyond the purview of conventional economics.
Role of Social Norms
Hawley emphasizes the importance of social norms and cultural contexts in shaping trust, contrasting with the individual-centric focus of traditional economics.
Practical Framework for Building Trust
The book provides actionable strategies for cultivating trust, applicable to both personal relationships and organizational settings.
Case Studies and Real-World Examples
Hawley supports her arguments with numerous case studies and real-world examples, illustrating how trust operates in various contexts and what factors contribute to its success or failure.
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Credence: What Economics Gets Wrong About Trust, and How to Get It Right Best Reviews
- 'Katherine Hawley’s 'Credence' is a groundbreaking work that challenges long-held economic assumptions about trust. A must-read for anyone interested in the intersection of economics and human behavior.' - The Financial Times
- 'A compelling and articulate critique of traditional economic models. Hawley’s interdisciplinary approach is not only refreshing but necessary for a more accurate understanding of trust.' - The Economist
Top Credence: What Economics Gets Wrong About Trust, and How to Get It Right Quotes
- 'Trust is not a commodity that can be traded; it is the very foundation upon which trade is built.'
- 'Economics has long misunderstood trust, viewing it through the narrow lens of rational self-interest rather than as a complex, multifaceted phenomenon.'
Who should read Credence: What Economics Gets Wrong About Trust, and How to Get It Right?
'Credence' is ideal for economists, social scientists, business leaders, and anyone interested in understanding the intricate dynamics of trust. Readers will gain a deeper appreciation for the complexities of trust and practical tools for building it in various contexts.
Credence: What Economics Gets Wrong About Trust, and How to Get It Right FAQs
What is the main argument of 'Credence'?
The main argument is that traditional economic models oversimplify trust, and a more nuanced, interdisciplinary approach is needed to understand and build it effectively.
Who is the author of 'Credence'?
The author is Katherine Hawley, a Professor of Philosophy at the University of St Andrews.