1. Privatization
... Vishny, 1996). The combined force of the government failure literature, the principal-agent, property rights and public theories, conclude that enterprises operating under public ownership will be less efficient compared to their private sector counterparts. The principal-agent critique relies on arguments based on the existence of information asymmetries and the absence of market mechanisms in the ... , which in general, is not identical to the public interest. The result is again a picture of public enterprise that operates with higher costs and lower productive efficiency than comparab...
- Word Count: 1499
- Approx Pages: 6
- Grade Level: Graduate