Despite the progressive development of a sci- ence of contract over the past 30 years, textbook economics remains predominantly a science of choice-undertaking. One reason is inertia. A second reason is that the science of contract is not a unified subject, but has been progressing in a number of (partly rival) research directions. Be that as it may, it is noteworthy that the lens Of contract/private ordering yields many refut- Able implications and has public-policy lessons That go beyond industrial organization to in- clude the making of public policy more broadly (Avinash Dixit, 1996).
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