A Theory of Trustees, and Other Thoughts
Eric Bennett Rasmusen
Independent central bankers and judges can both be more usefully viewed as trustees than as agents. A trust is a legal institution with rules set up by a settlor, administered by a trustee on behalf of beneficiaries. Public trustees often are motivated more by Pride, Policy, Place, and Power than by money, and economists should take this into
Rasmusen, Eric Bennett (1997), "A Theory of Trustees, and Other Thoughts," in Tahire Akder (ed.), Public Debt and its Finance in a Model of a Macroeconomic Policy Game: Papers Presented at a Workshop held in Antalya, Turkey on October 10-11, 1997.