Prinzipale, Agenten und ökonomische Methode

Economic models are not neutral reflections of reality; they always convey a certain view of the issues under investigation as well. Matthias Meyer deals with this aspect of economic theory formation in an analysis of the works of Max Weber and F.A. von Hayek. In accordance with this, the critical examination of economic models has to be expanded to include its heuristic dimension. Looking at the normative principal-agent model from this perspective, the author shows how a regulation mentality has slowly crept into economics, a mentality which is actually inconsistent with economics itself. Using the theories of Ronald Coase and Oliver Williamson, the author has developed an alternative theoretical concept of the principal-agent theory, in which the principal and the agent are confronted with a reciprocal problem.