Economics of favours and karma

Thinking about favours and the emergence of a unit of account

Giving gifts is often seen as a selfless act, but this is only one side of the story. The act of giving generates implicit obligations, whether we like it or not. Political donors will say they are supporting a party out of selfless respect for democracy. But we know this is a lie. We implicitly understand the role of gifts in creating obligations.

At a…