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Lies and Deceit vs. Social Capital
Abstract
Misleading statements and outright lies by governmental figures might reduce economic growth rates and would result in a substantially lower level of economic well-being. The lie is the induction of false belief with the aim of misleading the audience in any way possible. Although a liar knows lying has its costs, he lies in the hope of gaining short-term benefits. Lies accumulated reduce trust, increase transaction costs in the business environment, create dysfunctional balances, all of which are factors in the decline of well-being. The aim of this study is to analyze the economics literature on lies in terms of lying's effects on harming social capital, destroying the expected functions of institutions, increasing transaction costs, and creating asymmetric information.
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