"Honesty & Sowell" with Dan Ariely
The Genius of Thomas Sowell
Trust vs Competence in Business Relationships
In countries where trust in the legal system is low, individuals rely on the family unit for business dealings due to the lack of trust in strangers. This results in prioritizing trust over competence when hiring employees for family businesses. The importance of trust is highlighted in scenarios where individuals must choose between competent individuals and trustworthy individuals. In such circumstances, trust often takes precedence, especially in third world countries. Trust is emphasized as a crucial factor in business and educational decision-making processes.
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