On Trust Dynamics of Economic Growth

Trust among individuals in society may have various economic and social implications. Though, worldwide data on economic growth seldom deem trust as an ingredient in manipulating economic outcomes. Thus, in this model trust is included instigating from an individual, affecting community and state thus, forming a trust-based economy. To explore the relationship of trust with growth and its benefits and implications, this study suggests a model which is validated by the Markov process. Consequently, results deduced a significant impact of trust in fostering economic integration by achieving convergence through the least iterations. On the other hand, the economy with the lowest trust level shows delayed convergence to attain equilibrium. Additionally, socio-economic benefits are more visible in a trust-based economy