Bring out the difference between Buchanan’s Contractual Theory and the Kolm’s theory of ‘liberal social contract.

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James Buchanan's Contractual Theory and Serge-Christophe Kolm's theory of the "liberal social contract" are both frameworks that explore the relationship between individuals and the state through the lens of social contract theory. However, there are notable differences between these two theories in terms of their underlying assumptions, focus, and implications. Let's examine these differences in detail:

1. Underlying Assumptions:
   a. Buchanan's Contractual Theory: Buchanan's theory, also known as constitutional economics, is rooted in the public choice theory and focuses on the voluntary agreements individuals make to establish constitutional rules and constraints on government power. It assumes that individuals are self-interested and rational actors who seek to maximize their utility. The theory emphasizes the importance of constitutional rules in creating a framework that guides the decisions and actions of both individuals and the government.

   b. Kolm's Theory of Liberal Social Contract: Kolm's theory of the liberal social contract is based on the principles of liberal egalitarianism. It assumes that individuals have a sense of fairness and justice and aims to reconcile individual autonomy with social justice. The theory focuses on the formation _____________ ___________ _______ ____ ____ _________ __________.
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Degree : MASTER DEGREE PROGRAMMES
Course Name : Master of Arts in Economics
Course Code : MEC
Subject Name : Public Economics
Subject Code : MEC 6
Year : 2023 2024