George Akerlof

Spirits and States

As the Nobel-laureate George Akerlof together with his co-author Robert J. Shiller emphasised in the book Animal Spirits, the societal and economic development relies heavily on the trust infrastructure of the given country. Trust and confidence exuded by citizens towards state and governmental institutions are negatively affected by recent financial and economic crisis (Chart 1). Chart 1. Trust in National Governmen
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