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Is trust in economy neglected unjustly?
Lipták, Michal ; Janotík, Tomáš (advisor) ; Cahlík, Tomáš (referee)
This thesis is seeking theoretical background as well as statistical evidence of links between classical and institutional economy by connecting their typical phenomena, specifically the notion of trust from the theory of transaction costs and the notion of return velocity of money from the quantity theory of money. It proves, that trust in the mainstream economy actually is omitted unjustly, for there is a strong statistical correlation between trust and real, as well as nominal, outcome. This conclusion is notable despite that there was not found any definite empirical evidence that this correlation is caused by effect of trust on return velocity of money. Furthermore, the thesis is attempting to find determinants affecting the level of trust like ethnic and religious disunity of the nation, but attempts to find their effect have failed. Keywords: trust, institutional economy, classical economy, return velocity of money, tribes
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Is trust in economy neglected unjustly?
Lipták, Michal ; Janotík, Tomáš (advisor) ; Cahlík, Tomáš (referee)
This thesis is seeking theoretical background as well as statistical evidence of links between classical and institutional economy by connecting their typical phenomena, specifically the notion of trust from the theory of transaction costs and the notion of return velocity of money from the quantity theory of money. It proves, that trust in the mainstream economy actually is omitted unjustly, for there is a strong statistical correlation between trust and real, as well as nominal, outcome. This conclusion is notable despite that there was not found any definite empirical evidence that this correlation is caused by effect of trust on return velocity of money. Furthermore, the thesis is attempting to find determinants affecting the level of trust like ethnic and religious disunity of the nation, but attempts to find their effect have failed. Keywords: trust, institutional economy, classical economy, return velocity of money, tribes
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