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es based on an assessment of the relative costs, associated with outsourcing an activity (including risk of a botched job or sub-standard quality etc) versus performing the task oneself. Thus a firms structure is determined by comparative costs of these make or buy decisions.

 

While the nature of agency problems and transaction costs dictates that the value generated under a contractual arrangement will be sub-optimal or a second-best solution when compared to the theoretical ideal of a ‘free market’, the principal-agent relationship is nevertheless beneficial to both parties. And more efficient than monopoly provision

 

Connecting sentence…

 

Application to the Public sector

 

Why in the PS - history

 

The emergence of public choice theory and New Public Management in the UK ( ) new institutionalist economics in NZ ( ) and Reinvented government in the US (Ferris and Graddy, 1996) that led to the application of principal-agent theory to the public sector

 

The rise of the welfare state in the post-war decades coupled with a principles of universal access and provision through government run monopolies and nationalised industries resulted in growing dissatisfaction with the bureaucratic service delivery model which was seen to have become ‘monolithic, authoritarian, paternalistic, inflexible and slow’ (Wanna, et. al. 2010:24).

 

Following initial moves by the Thatcher government to privatise public assets in the UK ation – realisation that competition not ownership (whether public or private) led to greater resource allocation

 

Why in the PS - rationale

 

NPM reforms have several key features including: letting public sector managers be ‘free to manage’; setting explicit standards and measures of performance; placing greater emphasis on results or outputs rather than procedures or inputs; the disaggregation of units in the public sector; a shift to greater competition in the public sector; emphasis on private sector styles of management (Hood, 1991) – in Hood’s view NPM represents ‘a marriage of two different streams of ideas’ – the new institutional economics (built on public choice theory, transactions cost theory and agency theory) and business-type managerialism. The adoption of NPM in different countries

 

Althaus (1997) analyses the way that agency theory has underpinned public sector reform in the UK and New Zealand – she advances some significant reservations about the extent to which theories of private exchange can be applied to public sector activiti本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。