Social Capital, Trust, and the Agribusiness of Economics

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24 Scopus citations

Abstract

Economists, including agricultural economists, have a long history of recognizing the importance of the behavioral foundations in decision making while ignoring these observable human dimensions in their economic models. The economics of social capital and trust, two important human characteristics influencing decisions, have captured the attention of economists in recent years. Recent empirical work demonstrates that social capital and trust considerations are prevalent and economically significant, especially in business. Trust alters the terms of trade, generates decision flexibility, reduces transaction costs, and creates additional time resources for management.

Original languageEnglish (US)
Pages (from-to)1-13
Number of pages13
JournalJournal of Agricultural and Resource Economics
Volume25
Issue number1
StatePublished - Jul 1 2000

Keywords

  • Economics of trust
  • Governance mechanisms
  • Social capital

ASJC Scopus subject areas

  • Animal Science and Zoology
  • Agronomy and Crop Science
  • Economics and Econometrics

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