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Overthelasttenyearsorso, an important
newapproachtothestudyoforganizations hasemerged
withineconomics.It is perhapsbestcharacterizedby threeelements:a contractual
perspective on
organizational a theoretical
relationships, focuson hierarchical
control,andformalanalysisvia prin-
cipal-agent
models.This paperprovidespoliticalscientists
withan overviewofthe"new economics
of organization"andexploresitsimplications
forthestudyofpublicbureaucracy.
nentsareenthusiastic-andnotonlyaboutitspromiseforelaboratingthetheory
on revolutionizing
of thefirm.Theyare clearlyintent thewholeof organization
theory.
The lastdecadehas beenmarkedby a growinginterestin organizations
withintheeconomics
profession. The scienceof organizationsis stillin its infancy,
butthefoundation
fora
powerful oforganizations
theory is beingputintoplace. (Jensen,1983)
submitted
Manuscript 4 November 1983
Final manuscript
received27 April1984
REFERENCES