"At the same time I have noted that some of the differences between the public and private sector may have been exaggerated they are differences among the activities being pursued, not differences of the sector within which they are pursued. Private sector organizations face incentive (principal-agent) problems no less than do public organizations. Some of the differences are not innate but are more a consequence of common practice. The most important of these is the absence of competition and the high degree of centralization. Government organizations no less than private organizations dislike competition. The difference is the government has the power to forbid competition, which private organizations do not and indeed government sees one of its roles as curbing unfair practices aimed at reducing competition."
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Academics from the United StatesNon-fiction authors from the United StatesJews from the United StatesEconomists from the United StatesNobel laureates in Economics
Original Language: English
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Chap. 13 : Asking the Right Questions: Theory and Evidence
https://en.wikiquote.org/wiki/Joseph_Stiglitz
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Joseph Stiglitz
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