Bureaucracy
Bureaucracy is a method of organization or management that relies on detailed rules and regulations imposed by a superior authority to achieve its designated ends.[1] An essential characteristic of bureaucratic management is the absence of economic calculation which means that the operations of bureaucracies have no cash value on the market. This does not mean that there is no value in the affairs of a bureaucracy, but only that because its operations are not guided by prices and the profit motive whatever value it does have cannot be expressed in terms of money.[2]
References
- ↑ Ludwig von Mises. "Bureaucracy", 1944, page 45.
- ↑ Ludwig von Mises. "Bureaucracy", 1944, page 47.