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

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 ________ ____ _________ _____ ________.
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