dc.description.abstract | Once again, the relations between the branches of government attract the attention of increasing
numbers of political scientists. The new literature raises questions such as the (a) determinants of the
delegation of powers by one branch to another, (b) the resulting levels of discretion of the delegate,
and (c) the control mechanisms available to the delegating branch. The analysis draws heavily from a
handful of economic theories, such as principal-agent, the positive theory of agency, transactions cost
economics, and incomplete contracts theory. This article (1) differentiates between those theories, (2)
argues against mixing those theories, and (3) makes a strong and comparative point in favour of redirecting
inter-branch relations studies towards transactions cost economics. Yet, a truly consistent
political-scientific theory of transactions cost economics has not yet emerged. The conclusions point to
the way forward for the construction of such a theory. | en |