Abstract: Across different theoretical perspectives, conceptions of governance, the scope of its authority, definitions of the public interest, and the objectives of governance vary considerably. Accordingly, this study employs an analytical and comparative approach to first examine the concept of public administration and its principal components. It then explores Hayek's concept of catallaxy and the theory of economic liberalism, comparing these perspectives with the General Policies for the Implementation of Article 44 of the Constitution of the Islamic Republic of Iran in order to analyze the dimensions of the role of governance. The study seeks to demonstrate how differing interpretations of exchange mechanisms give rise to distinct models of public administration. The findings indicate that the General Policies for the Implementation of Article 44 of the Constitution of the Islamic Republic of Iran simultaneously expand the permissible scope of economic activities for the private and cooperative sectors while restricting the economic functions of governance. More important than the redistribution of economic roles among these sectors is the transformation in the nature and function of each sector, which exhibits both similarities to and differences from the catallactic approach and economic liberalism. Within the framework of governance theory, the General Policies for the Implementation of Article 44 of the Constitution of the Islamic Republic of Iran may be conceptualized as an effort to facilitate a transition from entrepreneurial governance to justice-oriented regulatory governance. Although this model differs fundamentally from the aforementioned approaches in three key respects, it also incorporates certain constructive elements of their underlying principles. Furthermore, because of the moderated characteristics attributed to the free market within the concept of catallaxy, some scholars regard Hayek's perspective as a bridge between classical liberalism and neoliberalism, or as a form of moderated free-market theory, arguing that catallaxy more accurately reflects the essential nature of a market economy. Nevertheless, the evolutionary transformation of a proprietary market into a catallactic order ultimately results in minimal governance, in which inequalities, monopolistic tendencies, and various forms of conflict may threaten the very freedoms that liberalism seeks to preserve..