Polity Atlas
Article

The New Economics of Organization

Terry M. Moe · American Journal of Political Science 28(4), 739–777 · 1984

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Type
Article
Author
Terry M. Moe
Identifier
DOI 10.2307/2110997
Accessed
2026-09-01

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EstablishedJensen and Meckling formalised agency costs as the sum of the principal's monitoring expenditures, the agent's bonding expenditures and the residual loss from divergence between the agent's decisions and those that would maximise the principal's welfare.