Help people, not banks – reflections on the 2016 Nobel Prize in economics

Earlier this week the 2016 Nobel Prize in economics was jointly awarded to Oliver Hart and Bengt Holmström on Monday for their shared contributions to our understanding of contract theory. “Taken together the work of Hart and Holmström has allowed all of us to understand more clearly what a “good” contract might look like,” says Victor V. Claar in this week’s Acton Commentary, “even when both parties face an uncertain future.”
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