To quote Larry Kudlow: Free market capitalism is the best path to prosperity! Matters of business and free enterprise are discussed on this blog. Included are company press releases, 3rd party news articles and videos, articles and videos pertaining to small business, and white collar crime.
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Wednesday, October 12, 2016
What These Nobel Prize Winners Can Teach You About Small Business (Watch)
Anyone who owns a small business has likely had to deal with contracts. And although contracts aren’t usually considered to be especially interesting, they are certainly important. In fact, two men just won a Nobel Prize for their work with contracts.
That’s right, the Nobel Prize in economics just went to Oliver Hart and Bengt Holmstrm for their work with contract theory. More specifically, Holmstrm’s research focused on the effectiveness of performance-based pay. And Hart is known for noting that not every situation can be foreseen in a contract.