Experts: the Nobel in Economics to the younger specialization Onet.pl

Professor Mykola Shaforostov Stanislav explains in an interview with REUTERS that the Nobel Prize this year in Economics and did research in the broad sense of the contracts.

“it was Not only the legal aspect, on how the contracts are legitimate, but about how among the various types of legal contracts to choose the most optimum for both sides from the point of view of economic consequences,” he says. “It is also about economic valuation techniques for these contracts,” he adds.

it is Noted that one of the winners, Oliver HART, was many years ago, his friend in the Economics Department at the London School of Economics before he emigrated to the United States. “In my lectures uwzględniałem some of his work,” he notes.

it also Explains that the branch of research, which the laureates do, is relatively recent. Its creators are, in particular, HART and Holmström. “This is probably the reason why they received this award”, says Professor Mykola Shaforostov. He adds that “in the beginning, basically, build theory, and in recent years began to try to show their practical usefulness.”

Prof. Witold Lozhechnik recognizes in turn that the work of this year’s Nobel laureates “are not in Poland widely known.” “This scope of the study contract as a macroeconomic factor, i.e., something that economists usually do not do,” he says.

the Work of Nobel laureates, puts, are, in particular, that “the agreement is a subjective factor,” and also implements certain interests and can have a purpose hidden. In this regard arise, for example, agreements in different degrees of apparent or intended for the client to mislead, although in accordance with the letter of the law. In the Polish case, in this example, – says the Professor. Lozhechnik, there may be some agreements concluded by banks with frankowiczami.

“, Therefore, there is a lot to explore, although our science in this respect, too, there are achievements,” he notes. “For example, the work of Professor Andrew Stelmachowskiego that comes from more than 40 years,” he adds.

at the same time, the Expert acknowledged that it was a good transfer of the Award the Bank of Sweden saw these scientists, because the questions that are important, and at the same time “well to explain economic phenomena”. “Because of this, we know more about our economy,” says Professor Lozhechnik.

Briton Oliver HART and Bengt Holmström fin received on Saturday Award the Bank of Sweden in economic Sciences, i.e. the Nobel prize in Economics, awarded since 1969. Scientists are the authors of the so-called contract theory. Study of the role of treaties and agreements in the economy. The subject of the study are the regulations that apply to all citizens. It is, for example, about, employment contract, contracts with insurance companies, notary, and even the Constitution.

Oliver HART works at Harvard, where he is a Professor, in turn, Bengt Holmström lectures at Massachusetts Institute of Technology.