CHAPTER 5
Principal-Agent Problems with Elected Representatives
The main goal of this chapter is to discuss the principal-agent problems with elected representatives and discuss the relevant theoretical foundations in understanding the topic. In this chapter, we will first outline the Principal-Agent problem and apply the concept to politics. In doing so, we will being with a discussion of the moral hazard in politics and analyze the political power and political actors. Inequality in political resources greatly affects society, hence we explore the topic of political inequality and discuss how the control of political resources gives an actor a political power base. Continuing the discussion on political resources, we will also understand the ...
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