A Theory of Trustees, and Other Thoughts
Independent central bankers and judges can both be more usefully viewed as examples of trustees than as agents. A trust is alegal insitution with rules set up by a settlor, administered by a trustee on behlaf of beneficiaries. Public trustees often are motivated more by Pride, Policy, Place and Power than by money, and economists should take this into account.
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|Date of creation:||1998|
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