Faith and Loyalty through the TC Lens
The Answer Is Transaction Costs
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The Importance of Filtering for Trustworthiness
The test they came up with was, were you willing to memorize classic Chinese poetry and then be able to write it out over a period of weeks in beautiful calligraphy? It's a perfect test. If you're willing to do this pointless thing well, you probably were willing to do pointless things well when no one was watching you. So it was a means of rationing access to this scarce good using transaction costs. You may also have encountered sometimes on your computeryou'll get a spam message that has typos, your name is misspelled. Almost no one would fall for that. Spam after all is costless to the sender.
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