Principal-Agent Theory and Representative Government
By Robert Higgs
This article appeared in the Winter 2017/18 issue of The Independent Review.
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.
Robert Higgs is Retired Senior Fellow in Political Economy, Founding Editor and former Editor at Large of The Independent Review.
|Other Independent Review articles by Robert Higgs|
|Fall 2019||Pressure-Release Valves in Participatory Fascism|
|Winter 2018/19||Two Worlds: Politics and Everything Else|
|Fall 2018||Against the Whole Concept and Construction of the Balance of International Payments|
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