We have all been taught the virtues of honesty from our early childhood. Every child is instilled with the belief that truthfulness is the foundation of success and "honesty is the best policy". As children, we were introduced to the fable of "the shepherd and the wolf," where a shepherd repeatedly lied about a wolf attacking his sheep. But when a real wolf appeared, nobody took his cries seriously, and he lost all his sheep to the wolf. It teaches us that lying undermines trust, making truth lose its credibility when it is most needed.

As we live through the digital era, predominantly led by Generation Z, morals of old fables seem to strike odd at times. A new theory, the "illusory truth effect," suggests that repeated lies can be accepted as truth. This occurs because familiar statements are easier to process, leading to perceived accuracy. In the age of social media, false information spreads quickly through constant repetition, distorting public perception. These new theories driven by technology are widely being used at state and corporate levels to manipulate people's perceptions for commercial and political purposes.

This disturbing trend is not limited to any particular region; it is a global phenomenon. Leaders from developing to developed countries, including the US, Russia, China, India and Europe, routinely lie to their citizens, casting aside moral values for political or economic gain.

Corporate leaders are no exception. In pursuit of their professional success, they can steal credit, back-stab colleagues and spread rumours, sometimes even at the cost of their companies' interests. Fundamentally, corporate and political leaders are similar in character, outdoing each other in their display of shrewdness.

Falsehood's impact on the economy and the populace, especially the young generation, is profound and multifaceted. Economically, widespread misinformation can lead to poor policy decisions, market instability and a lack of investor confidence. For companies, lies erode trust with consumers and stakeholders, culminating in damaging reputation and financial losses. Growing up in a culture of rampant misinformation, an entire generation may struggle to differentiate truth from falsehood, lacking the capability to make informed decisions. Moreover, it can stifle innovation, hinder social progress, and create a cycle of cynicism and disengagement, ultimately weakening societal foundations.

The recent student movement on the quota system in Bangladesh echoes the moral of the shepherd's story. Initially, the government ignored the students' demands, undermining the scale of the potential threat. However, under persistent deception and neglect, the protests escalated and became widespread, with trust in the government dwindling rapidly.

Economically, the unrest led to disrupted business activities, loss of public properties and deterred foreign investment. It illustrates how short-term benefits from lies and deceptions can have profound long-term consequences, damaging public confidence and strength. It also highlights the crucial need for transparency and truth in governance.

Student movements have always had an inherent appeal of novelty, hope, and a spirited voice against wrongdoings. Students across the world are raising their voices against the injustice in Gaza, embodying a new wave of global activism. In Bangladesh, the recent quota movement by students is a testament to this growing spirit of resistance. Historical precedents, such as the Language Movement of 1952, the Tiananmen Square protests in 1989, among others, endorse the transformative power of student movements. They testify how young people driven by a deep sense of justice can shape the history of nations and institutions. Today, while the Bangladeshi youths are out on the streets, passionately advocating for change, many seniors often seem reluctant to challenge the status quo.

The timeless lesson of the importance of honesty can never cease to remain crucial. In today's digital age, where lies can become perceived truths, the need for integrity and transparency is more pressing than ever. A stable society with a prosperous economy is only possible with an unwavering commitment to truth.

The author is founder and managing director of BuildCon Consultancies Ltd.