Quasi-public choice theory

James Buchanan made some telling points exposing the kinds of structural incentives which drive policy makers in the public sphere to promulgate dramatically sub-optimal policy.  A kind of political version of the so-called agency problem in the corporate world.  Of course, the financial world occupies such a murky in-between realm, it being so close to treasury departments the world over.  And especially when their lobbying power causes them to be too big to fail.  Surely the Buchanan of finance is already probing the warped incentives via his own form of quasi-public choice theory.  Any why not in corporations too and not just with the agency problem?  Even quasi-Austrians are focussed on the unintended consequent emergent behaviour of poorly aligned micro incentives in the quasi-public sector.