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Sean Carroll's Mindscape: Science, Society, Philosophy, Culture, Arts, and Ideas cover image

247 | Samuel Bowles on Economics, Cooperation, and Inequality

Sean Carroll's Mindscape: Science, Society, Philosophy, Culture, Arts, and Ideas

NOTE

The Importance of Complete Contracts in Supply and Demand

The standard theory of supply and demand has limitations when applied to the labor market./nAssumptions about how transactions occur are crucial for the supply and demand model to work./nA complete contract ensures that all aspects of a transaction will be legally addressed and resolved./nRedress is available when a contract is not fulfilled.

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