La gobernabilidad: Conceptualización y una aplicación al sistema de educación básica en colombia

This article analyses the governance theory of the New Institutional Economics. The objective is to establish a clear definition of the concept of "governance" and to show some of its economic applications. All the elements of that theory are explored, drawing a distinction between agency theory and transactions cost theory. Applying the theory to education in Colombia, it is concluded that the new forms of provision in education represent promising governance structures with respect to improvement in educational service, but confront challenges with regard to school choice and contractual design.