With very rare exceptions, no principal can count on a hired agent to represent faithfully and consistently the principal’s interests. The principal-agent problem goes a long way in explaining why “representative government” falls far short in carrying out the people’s wishes.
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| Other Independent Review articles by Robert Higgs | ||
| Fall 2018 | Against the Whole Concept and Construction of the Balance of International Payments | |
| Summer 2018 | Feedback and Correction in Government and the Market | |
| Spring 2018 | Ideology and Political Divisiveness | |
| [View All (61)] | ||
