Everyone lies whether your a child, and adult or even elderly even if its a small lie or a major one. Small lie would be i didnt eat your cake and a majot lie would saying you haven't cheated on your partner even though you have. Some people do not lie, even if they could get away with it. This seemingly innocuous fact poses important economic implications. Most fundamentally, it means that economic interactions do not always need to be mediated by binding contracts, which are sometimes difficult, if not impossible, to write, monitor and enforce. http://www.accessmylibrary.com/coms2/summary_0286-21012663_ITM
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