A bureaucracy is an organization that has a complex structure of multilayered systems and processes in order to maintain uniformity and control within the organization.
Conversely, how the bureaucracy runs, inevitably causes the decision-making process to be slow. The bureaucracy stems from the effort to govern and watch over these organizations through systems that are formal and rigid. They place high regard on procedural correctness and hierarchical procedures.
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Bureaucracy is not the same as governance or administration. Although they may seem synonymous, bureaucracy and administrations have different objectives.
A financial crisis is often associated with a panic or a bank run where investors sell off assets or withdraw money from savings accounts.
The law of comparative advantage was first mentioned in 1817 by English economist David Ricardo.
A company has a comparative advantage when it is able to provide a good or service at a lower opportunity cost than others, helping it sell the same product at a lower cost, resulting in better margins.
Adam Smith was an 18th-century Scottish economist, philosopher, and author. He is considered the father of modern economics.
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