sheng57_Zhang Peng_Getty Images_china construction Zhang Peng/Getty Images

China’s Incomplete Contracts

 and 

This year’s Nobel Prize in Economic Sciences went to Harvard’s Oliver Hart and MIT’s Bengt Holmström for their pioneering work on the economics of property rights and contracts. At a time when China is attempting the difficult transition to a more market-oriented economy, the value of these contributions could not be clearer.

HONG KONG – This year’s Nobel Prize in Economic Sciences went to Harvard’s Oliver Hart and MIT’s Bengt Holmström for their pioneering work on the economics of property rights and contracts. At a time when China is attempting the difficult transition from a system of incomplete contracts to a strong property-rights regime, the real-world importance of these contributions could not be clearer.

https://prosyn.org/dfH4y66