We held an Online Information Session on Tuesday 26 March 2024 (19:00-20:15) with Dr Vangelis Chiotis, Teaching Fellow in Economics

Watch the recording and explore the topic of economics. Economics is about the production, consumption, and distribution of goods and services. This lecture explores the concept that economics is a social contract - a set of rules that determine social behaviour.

It will consider how the social contract is defined by its participants, the established rules and the rationale for following these rules. This lecture will look at how economic theory is better than traditional contract theory at identifying these characteristics because its mathematically-based approach leads to unambiguous results. An example of this is how the law of supply and demand objectively determines a unique market price, and hence, it bypasses the need to agree on a contentious ‘fair price.'