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Principal-Agent Problem
A dilemma in which one party (the agent) may not act in the best interest of another party (the principal) who has delegated some decision-making authority to the agent.
Political Process
The set of activities involved in the acquisition and exercise of power within a governmental or organizational setting.
Voters' Interest
The concerns or benefits that motivate individuals to participate in political activities, including voting.
Government Failure
Inefficiencies in resource allocation caused by problems in the operation of the public sector (government). Specific examples include the principal-agent problem, the special-interest effect, the collective-action problem, rent seeking, and political corruption.
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