Social trust: its concepts, determinants, roles, and raising ways

trust by 9.5 percentage points over the period 1981‒2010 would have lowered the economic growth rate by 0.76 percentage points. Korea’s actual annual economic growth rate over the period 1981‒2010 was 7.1 percent. If the interpersonal trust level remained unchanged at the 1981 level, the average growth rate over the period would be 7.86 percent. 18. Knack and Keefer (1997) show that the impact of interpersonal trust on economic growth is slightly less than the impact of primary education. Their research shows that a one-standard-deviation change in trust (14 percentage points) is associated with a change in growth of 0.56 of a standard deviation, as compared to 0.64 for primary education. 19. It is interesting to note that the empirical study by Algan and Cahuc (2013) shows that limited trust in society does not contribute to economic growth.