The contemporary debate over the future of natural resources features two competing theories of economics. The view that dominates all economic policy and theory today is rooted in the work of Adam ...

Two professors and economists—Oliver Hart and Bengt Holmström—received the Nobel Prize in Economic Sciences Monday for their insights into modern contract theory, specifically how businesses and ...

Social contract theory is an ancient philosophical idea that states that an individual's ethical and political obligations relate to an agreement he has with every other individual within a society.

The decision to award the Nobel Prize in economics this year to Oliver Hart and Bengt Holmstrom for their work in contract theory is further proof that some of the best work in economics is being done ...

In modern times, any claims about the world require one thing: evidence. One cannot claim the world is flat without proof, nor can one claim it is round without proof. In that regard, the most common ...