@Riot, what is your short and long term balance philosophy?

Question in the title. To me it feels like you guys will simply add/change items and systems and then nerf most champions that are too strong. Occasionally though, it will feel like we have one particular champion that revisits the patch notes again and again, until they are either nerfed into the ground ( 'd) or if they are a "golden child" they will be balanced on a razor's edge ( , ).

What are you guys trying to accomplish? Is the long term goal to try to bring other champs up to par with the top 20-30 (like this patch). Or do you just feel this is as functional a state as you can get your balance in without "lifting the rug", and mass buffing 60+ champions all at once?

What are the goals short term?

What are the goals long term?

Are there severe resource bottlenecks that hurt your ability to make changes where you need to?