If they are corrupt, then people can very easily see that they’re corrupt. Whereas before, because of principal-agent problem, there really is no way for us to see the common value of the principles. Then the agent has a lot of leeway.
If they are corrupt, then people can very easily see that they’re corrupt. Whereas before, because of principal-agent problem, there really is no way for us to see the common value of the principles. Then the agent has a lot of leeway.