As bureaucracies drown in information they cannot meaningfully interpret, the very mechanisms built to improve performance begin producing the opposite result, a phenomenon that undermines public trust and pushes people toward decentralized sources of knowledge instead.

The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff or SchiffGold.

For more than a century, modern societies have operated on a remarkably persistent assumption: that greater administrative capacity inevitably yields better outcomes. More information, more regulation, more coordination, and more sophisticated planning are widely believed to generate greater prosperity, security, and ultimately greater human progress.