I believe: Difference between revisions

I believe (view source)

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 :'''[[Credit]]''': Latin, vb (3rd pers. sing.): He, she or it ''[[I believe|believes]]''.
-Trust: a fundamental part of every legal, political, and financial system that has ever existed and one which cannot be solved by technology. Trust takes the single-round [[prisoner’s dilemma]] — in which a rational ''homo economicus'' would throw her conspirator under the bus — to the iterated [[prisoner’s dilemma]], in which the logical thing is to cooperate, at least as long as your conspirator does.
+Trust: a fundamental part of every legal, political, and financial system that has ever existed and one which cannot be solved by technology. Trust converts the single-round [[prisoner’s dilemma]] — in which a rational ''homo economicus'' would throw her conspirator under the bus — to the iterated [[prisoner’s dilemma]], in which the longer term benefits of not doing that outweigh the short termlogical thing is to cooperate, at least as long as your conspirator does.
 Trust is a moral imperative, not a legal one. It derives its power from the very fact that it is not backed by any obligation. It is not a compulsion; it is a voluntary submission to the mercy of a third party in the hope of a reciprocal submission back.