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.
What These Nobel Prize Winners Can Teach You About Small Business (Watch)
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