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The corporation as an organizational form is an enormously productive social invention. Partly because of its success it is under increasing attack f… - Michael Jensen
" "The corporation as an organizational form is an enormously productive social invention. Partly because of its success it is under increasing attack from various quarters, often under the guise of “protecting” investors from self-interested managers. Some of these attacks are successful simply because the corporation is a poorly understood entity. This paper discusses what the corporation is, what it is not, and how certain misconceptions about the corporate form are fostered by its critics as part of their attack.
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About Michael Jensen
Michael Cole (Mike) Jensen (November 30, 1939 – April 2, 2024) was an American economist, and Emeritus Professor of Business Administration at , who works in the area of .
Also Known As
Native Name:
Michael C. Jensen
Alternative Names:
Michael Cole Jensen
•
Mike Jensen
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Additional quotes by Michael Jensen
A major social problem we face today is how to control the political process that is eroding the free enterprise market system. Although I am pessimistic that we will in fact ever resolve this problem completely, we will surely never solve it unless we develop a viable positive theory of the political process. Such a political theory will not be complete until we also have developed a theory that explains why we get the results we do out of the mass media.
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We define an agency relationship as a contract under which one or more persons (the principal(s)) engage another person (the agent) to perform some service on their behalf which involves delegating some decision making authority to the agent. If both parties to the relationship are utility maximizers there is good reason to believe that the agent will not always act in the best interests of the principal.
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