Trust.
Success is built on trust.
There are many topics I want to explore in this newsletter, but I feel I need to start with a quick post that emphasizes the importance of trust.
If you have read My Digital Brainstorm, you know that I began that newsletter with a series of posts that explain how important trust is for business success.
I am also starting this newsletter with a post about trust because trust, in some form, whether in people, systems, instincts, or outcomes, is a fundamental part of how we navigate all areas of life.
The Impact of Trust on the Economy
A 2021 article that was published on the Deloitte website examines how trust affects economic prosperity.
The authors of that article highlight a famous quote written by Nobel Laureate Dr. Kenneth Arrow. According to Dr. Arrow, “Virtually every commercial transaction has within itself an element of trust, certainly any transaction conducted over a period of time.”
The authors of the Deloitte article write, “A business thrives on the cumulative trust each of its stakeholders place in it. This applies to governments as well. In this sense, trust is like an interdependent web that connects all actors in an economy and influences how they work together to drive growth.”
“The good news is that the positive relationship between trust and the macroeconomy is well-known,” the authors of the Deloitte article continue. “Countries where businesses, governments, and other institutions have engendered more trust experience stronger per capita real GDP growth, a standard measure of economic prosperity. Using trust among individuals as a proxy for the level of trust built within a country, macroeconomists have shown that as trust improves, economic prosperity grows.”
The authors of the article go on to provide a more detailed explanation of how trust affects the economy. I will likely cite this article again in future posts.
Building a Future With Trust
No discussion about trust would be complete without mentioning the research that is being conducted by Edelman. Edelman will also be a go-to source for information for future posts.
In the video found at the end of this post, Richard Edelman, CEO of Edelman, explains, “Trust is the foundation on which institutions can build a belief in the future.”
If you haven’t already, I encourage you to watch the video.
Final Thoughts
Trust plays a vital role in both our personal and professional lives.
It is essential for business success, and trust is a key ingredient needed for economic growth and long-term prosperity.
As I mentioned earlier, trust in some form, whether in people, systems, instincts, or outcomes, is a fundamental part of how we navigate every area of life.
That is why I am also starting this newsletter with a post that focuses on the importance of trust.
Thank you for reading this post. I hope you continue to join me on this journey.
Best regards,
Chad Thiele, M.S.
Note: I used AI to help refine this newsletter. I wrote the first draft and then improved it using ChatGPT and Grammarly.
Disclaimer: The views and opinions expressed in The Informed Voter are solely my own and do not reflect the views of any past, present, or future employers or any organizations with which I may be affiliated. Any references to companies, institutions, or public figures are made for informational or commentary purposes only. Unless explicitly stated, I am not affiliated with, endorsed by, or speaking on behalf of any organization or entity mentioned. The content is intended for general informational purposes and should not be construed as professional, financial, or legal advice.