State Duma deputies think that the “contract theory” important discovery

MOSCOW, 10 Oct — RIA Novosti. State Duma deputies think that the “contract theory”, for which two scientists received the Nobel prize in Economics for 2016, an important discovery. According to Russian parliamentarians, the subject of the research of the laureates is not a global economic problem.

The Nobel prize in Economics for 2016 was awarded “for contribution to the development of the theory of contracts,” working in the U.S. 68-year-old Oliver HART (Harvard University) and 67-year-old Bengt Holmstrom (mit). Developed by HART and Holmstrom new theoretical tools, according to the Royal Swedish Academy of Sciences, help to understand “the real nature of contracts and institutions and to avoid mistakes when it comes to concluding agreements”.

Member of state Duma Committee on budget and taxes, member of “United Russia” Sergey Chizhov said that it was not worth to give an award for “the theory of contracts”.

“In my opinion, for this achievement to give the prize wasn’t worth it, since there is no characteristic contribution to the development of humanity. This is the usual ordering of relationships work is important, but it’s not opening,” said Chizhov, RIA Novosti.

The first Deputy head of the Duma Committee on state construction and legislation Mikhail Emelyanov, previously held in the economic Committee of the state Duma of the VI convocation, said he was happy for the winners and congratulates them with the award.

“Nevertheless, from year to year, the shrinking of the scale of Nobel laureates compared to the same Leontief (Wassily Leontief — Nobel prize in Economics in 1973 “for the development of the method of “input — output” and its application to important economic problems” — ed.) who once received this award. Still, it’s a major contribution, but the theory of contract is not such a global economic problem,” said Emelyanov RIA Novosti.

In his opinion, there are other pretty serious economic work of scientists, “but they do not lie in the neoliberal mainstream, because now the mainstream is Finance, marketing”.

“For example, when industry and Finance is a serious job abroad, but it is not economic mainstream, so there are Nobel prize winners, who receive awards for “the theory of contracts,” he added.