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date: 15 December 2017

Abstract and Keywords

This article discusses agency problems and capitalism. It suggests that real social costs of agency problems lie deeper, in the inner workings of the economy. Inefficient resource allocation by firms costs money, as do the monitoring and control mechanisms that might limit those problems. Some level of agency costs is thus unavoidable. But both firms and economies can seek ways to reduce unavoidable agency costs.

Keywords: agency problems, capitalist, corporate governance, social costs

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