Yes. A much better approach would be for all the shareholders of the company to elect a group of experts to periodically review Larry's ideas and sign off on his major capital outlays. We could refer to these people as the "Board of Directors".
They do, in fact, have quite a bit of leeway. Eventually, though, when they need significant funding, or headcount, they ask their managers. As the project grows, it continues escalating, and if it's a major strategic commitment, it goes all the way up to the CEO and Board of Directors.
It's worked really, really well for Google thus far; have you seen the long-term trend of their stock price? Nonetheless, if you'd like to change it, you're welcome to acquire a controlling share of the company, and then you can run it however you please.
