The Honest Tea company ran an experiment this summer to see how honest people were in various location around the country over this summer. Results HERE.
I was a little surprised to see that even at the least honest location, the significant majority of Americans are honest. At least in this test.
Honesty is very important to economics. Without an understanding and cultural prevalence of honesty, the enforcement mechanisms of government (or even voluntary association) would rapidly be overwhelmed. The ability to conduct business, execute contracts, have friends watch your bag for a minute, would be buried in a loss of effective property rights.
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