Mar 27, 2010

Golden Rule a plus in economics

Findings - Researchers in the Market for Fair-Minded People - NYTimes.com

“Markets don’t work very efficiently if everyone acts selfishly and believes everyone else will do the same,” Dr. Henrich says. “You end up with high transaction costs because you have to have all these protections to cover every loophole. But if you develop norms to be fair and trusting with people beyond your social sphere, that provides enormous economic advantages and allows a society to grow.”

This sets out the major plus in getting societies more committed to the Golden Rule. Well put. This should clang a big bell here in Peru. Here it's put in the negative, Don't do to others... which means don't push the little old lady trying to cross the street, which seems to be the original Confucius version. Here's hoping leaders will get the message of this article and start talking about the economic gains of treating one's neighbors, colleagues, clients, customers with respect in the GR way.

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