With very rare exceptions, no principal can count on a hired agent to represent faithfully and consistently the principals interests. The principal-agent problem goes a long way in explaining why representative government falls far short in carrying out the peoples wishes.
Read the Full Article
(PDF, 2 pages)
|Other Independent Review articles by Robert Higgs|
|Fall 2017||Freedom of Movementthe Sine Qua Non of Economic Prosperity and Progress|
|Summer 2017||Moderation in Response to Provocation Is No Vice|
|Winter 2017||First, Do No Harm|
|[View All (58)]|