Bureaucratic judgment is a poor substitute for market’s judgment on allocation of scarce resources. (b)  Licensing to open, operate, expand, close business by the government functionaries is a sure way to promote rent-seeking in the economy for the benefits of a few while keeping the majority poor. The basic business decisions should not be made for the businessmen by the bureaucrats.
(c)  Public sector ownership and management of business, production, distribution and trade do not capture the commanding heights but lead to a fall into the deep morass of inefficiency, waste and corruption.