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Issue № 62. June 2017

Nobel Prize in Economics, 2016: Theoretical and Practical Aspects

Dmitry I. Simochkin

Graduate student, Faculty of Economics, Lomonosov Moscow State University, Moscow, Russian Federation.
E-mail: simochkin@hotmail.com

Contracts are an indispensable attribute of modern society. This article examines the study by Oliver Hart and Bengt Holmström, which received the 2016 Nobel Prize in Economics, devoted to the study of contractual relations in terms of solving the problem of conflicting interests.

The author also demonstrates how, with the help of the corresponding economic-theoretical apparatus, it is  possible to solve the most difficult practical problems of the modern economy. In addition, the author focuses on this Prize in connection with the awarding policy of the Nobel Committee in the last few years, which, in author's opinion, identifies the current state of economic theory in the West, as well as the emerging trends in the development of economic science.

Keywords

Nobel Prize in Economics, contract theory, privatization, economic theory, world economic science.

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