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Volume 22  Number 3  •  Winter 2018
All Issues:  

Principal-Agent Theory and Representative Government
By Robert Higgs
This article appeared in the Winter 2018 issue of The Independent Review

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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