Niall Ferguson discusses the implications of complexity in governance, emphasizing that complexity often comes with high costs. The administrative state faces the challenge of providing more public services without raising taxes to match the increasing demands. As a response, it has turned to borrowing as a solution to fund current government spending.

This reliance on debt allows governments to expand services in the short term but poses long-term financial risks, revealing a troubling trend of financing public goods without immediate fiscal accountability. Ferguson brings attention to the need for a systematic reflection on the sustainability of such borrowing practices in maintaining complex administrative systems.