And the boss won\’t be more expert. Why buy a dog and bark yourself? The division of labour that makes companies efficient – in so far as they are – is also a division of knowledge. It\’s just impossible for a bank boss to continually know more than every employee does. Ignorance, therefore, isn\’t a failing of a particular individual but an ineliminable fact about any organisation.
But voters don\’t have such an easy answer. SocGen shows us that big organisations can\’t always be run effectively, even when managed by highly intelligent and diligent people. So why should politicians pretend the opposite can be true of the State?
Quite, minarchy here we come!