As a model of economic institutions, it has what Joseph Heath of the University of Toronto has termed catallactic bias: gain from trade is explicitly modeled, but the four other mechanisms of cooperative benefit, economies of scale, risk pools, self binding and information transmission, are not recognized.
"...much of contemporary social contract theory has been marked by what might be referred to as a catallactic bias, which results from a tacit conceptual privileging of gains from trade as the primary mechanism of cooperative benefit. [1]"
[1] Joseph Heath. The Benefits of Cooperation. Philosophy & Public Affairs. Volume 34, Issue 4, pages 313–351, Fall 2006
"...much of contemporary social contract theory has been marked by what might be referred to as a catallactic bias, which results from a tacit conceptual privileging of gains from trade as the primary mechanism of cooperative benefit. [1]"
[1] Joseph Heath. The Benefits of Cooperation. Philosophy & Public Affairs. Volume 34, Issue 4, pages 313–351, Fall 2006