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A Principal-Agent Theory of the Public Economy and Its Applications to China

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 Zhang, Weiying

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Abstract

This paper is intended to model the principal-agent relationship and its associated monitoring-incentive problems of the public economy. The basic findings are: (1) the degree of publicness and the size of the public economy matter: the monitoring effort of the original principals and the work effort of the ultimate agents decrease with the degree of publicness and the size of the public economy; (2) a corrupt public economy can be a Pareto-improvement over the non-corrupt public economy. The first finding sheds some light upon performance comparison between different public economies (such as between Singapore and China). The second finding explains why all socialist economies are corrupt ones. The paper applies the above results particularly to the Chinese economy. Copyright 1998 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Economics of Planning.

Volume (Year): 31 (1998)
Issue (Month): 2-3 ()
Pages: 231-51
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Handle: RePEc:kap:ecopln:v:31:y:1998:i:2-3:p:231-51

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Grossman, Sanford J & Hart, Oliver D, 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 691-719, August. [Downloadable!] (restricted)
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  2. Qian, Yingyi, 1994. "Incentives and Loss of Control in an Optimal Hierarchy," Review of Economic Studies, Blackwell Publishing, vol. 61(3), pages 527-44, July. [Downloadable!] (restricted)
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