You may have heard this week's exciting news that the Nobel Prize for Economics once more recognises the importance of contracts. "Modern economies are held together by innumerable contracts," states the award announcement, before identifying Professors Hart and Holmstrom for their work on contract design.\r
The award reflects a growing appreciation of the essential role that contracts play in generating positive results. By implication, many of the approaches to contracting today fail to fulfil that role.
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