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Trust

In: John Maynard Keynes and the Economy of Trust: The Relevance of the Keynesian Social Thought in a Global Society

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  • Donatella Padua

    (Università per Stranieri di Perugia)

Abstract

Starting with the difference between economic classical rationality and Keynesian irrationality, Padua tackles the issue of trust, analysing the five ‘trust beliefs’ and the concepts of institutional, systemic and interpersonal trust in relation to the irrational dynamics of the Animal Spirits. Between the constructs of trust and confidence, ‘rational trust’ becomes a calculation of probabilities linked to the notion of Keynesian expectations, conventional evaluation and unemployment. In this framework, the role of emotions is investigated within the perspective of the theories of ‘Behavioural Economics’. An analysis of how ‘trust in social systems’ has worked during the 2008 financial crisis is carried out and closes the chapter, with references to the social aspects of financial networks and the role of technology within the socio-financial network.

Suggested Citation

  • Donatella Padua, 2014. "Trust," Palgrave Macmillan Books, in: John Maynard Keynes and the Economy of Trust: The Relevance of the Keynesian Social Thought in a Global Society, chapter 2, pages 33-62, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-46723-2_3
    DOI: 10.1057/9781137467232_3
    as

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