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> Significantly more arbitrary middlemen making their way into the process because of "let the market figure it out" does, in fact, create some process ineffici
by WanderPanda 7y ago
> Significantly more arbitrary middlemen making their way into the process because of "let the market figure it out" does, in fact, create some process inefficiencies in supply chains and contract pipelines. Few countries are as aggressively market-based for things meant for public good as the US.
"let the market figure it out" is high variance, low bias => good in the long run (probably the only stable choice)
"let bureaucrats figure it out" is low variance, high bias => more reliable in the short run but escalates in the long run
It turns out most people who influence this decision (politicians etc.) have short-term interests and no long-term responsibility so countries with a weaker constitution (like here in Europe) tend to rather go with the latter one...