People & Profit

Nobel Prize in Economics: What is contract theory?

The Nobel Prize in Economics has been awarded to British-born Oliver Hart and Finland’s Bengt Holmström for their work on contract theory - a fundamental principle in the business world which helps manage everything from conflicting interests to executives' pay packets. What is it exactly all about and how does it impact our daily lives? Also in this programme, we’ll talk about inequality in Eastern Europe, Central Asia and Turkey. And we'll take a look at how Brexit is impacting the UK economy.