Nobel Prize in Economics Awarded to Oliver Hart and Bengt Holmström

The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2016 to

Oliver Hart
Harvard University

and

Bengt Holmström
Massachusetts Institute of Technology

“for their contributions to contract theory”

A very boring award this year.

With the horrific errors going on in economics these days. giving an award to these two is like giving an award to a soldier for having the best-shined shoes during the middle of battle.

  -RW

UPDATE

Thinking about it a but more, I don't even believe what they do is economic theory but rather business negotiation with the subclassification--human resources.