Bureaucratic Systems Never Seem To Work

Experience in following finance and observation of financial techniques, and use by bureaucrats and politicians should have taught us a genuine, basic lesson over the years. Centralized bureaucratic systems never work well, no matter how supposedly brilliant the individual members of the system may be.The centralization and the regulation become impossible to implement in an effective manner.

Friedrich Hayek commented on this extensively in the middle and later 20th century; his work ought to be read by every serious student of practical economics and observers of every-day government. (See Earl J Weinreb NewsHole® comments.)