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.

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 ...

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 ...

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 ...

“He (Rawls) believed that the challenges to social contract theory that had been leveled previously could be overcome,” Thomas Weber, an assistant professor of public policy leadership at the ...

Oliver Hart from Harvard and MIT professor Bengt Holmström won this year's Nobel Memorial Prize in Economic Sciences for their study of contracts and human behaviour in business. The field is known as ...

No legitimate social contract can be devoid of stewardship, responsibility and duty. Recognising this allows us to assess both the historical significance of the democratic revolutionaries of our time ...