Top 10 destinations in america for A joint stock company has to be formed and the problem of diffuse ownership arises. The agency problem requires incentive schemes (such as performance bonuses and other profit-sharing schemes, stock options, threat of takeovers, etc.) for employers or hired managers to act in the interests of owners. Also, since control becomes weaker both when ownership is too diffused and when it is too concentrated (the latter because one individual has to oversee too many firms), absolutely equal and a very unequal distribution of wealth both lead to weak exercise of property rights. A certain, but not too large, degree of wealth inequality seems to be exactly what is required for private ownership to be executed effectively. BIBLIOGRAPHY. Gary S. Top 10 destinations in america 2016.
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