What is the principal agent relationship? Outline the principal-agent relationships that exist between the different economic agents associated with a school. What is the basic problem that arises between these different parties to this contract? Does a fixed fee payment to teachers (a wage) resolve the main problems associated with the principal-agent relationship? An alternative is to directly link the compensation of teachers to measures of performance. Analyse the success or otherwise of this method of compensating teachers in resolving the principal-agent problem and improving educational outcomes for students. What other accountability mechanisms might improve educational outcomes in Australian schools?
Please answer all these questions above in a 2 page essay. No need to go into a lot of detail as this is a final exam essay question and I will have to write it by hand in the final exam. Please clearly explain and outline all the issues asked in the question and make sure you talk about it from an Australian prospective.
Remember, all the questions above have to be answered.
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