…to spend less time reviewing brilliant analysis from Barry Eichengreen (link is to PDF) and more reviewing Friedman and Savage (link is to PDF) in the context of principal-agent problems….

…rule. The funds are required by the SEC to invest conservatively. In practice, they always to maintain principal value. But as the article explains, this sort of investment puts the…

…aren’t easily integrated into reductivist models. Even the accepted heresies, like information asymmetry and principal-agent problems, show how markets can fail to deliver desirable outcomes but those sub-optimal results are…

…employer side or assuming that there is nothing further to be worked out, which in practice is typically simply inaccurate. Indeed, even talking about management’s failure to solve the principal-agent…

…deflation takes hold. What then happens to perceptions of debt sustainability? As an agent of 188 sovereign principals (the member governments), the IMF is constrained in what it can do…

…construct institutions that would achieve that price collusion, while masking and obscuring it even from their own eyes. He perceived the familiar “principal-agent” problem of joint-stock companies quite clearly: The…

…Coase, and that’s it. There’s nothing on principal-agent theory, incomplete contracts or anything else that modern economics has to say about the matter. This is not to say that these…

…and Holmstrom getting it together in 2016 basically for their 1987 paper that really nailed down the principal-agent problem, and this fall’s one for Milgrom and Wilson, with Milgrom having…

…process of production as supervisor and regulator (Wächter und Regulator). … He stands outside of the process of production instead of being the principal agent in the process of production….

…principal agent. In this transformation, the basis of production and wealth is no longer the actual (physical) labor performed by man himself, nor his labor time, but his own creative…