I will start at the end to get to the point .. The Wizard of Oz is afraid of his own lack of conscious this is why he encourages Dorothy to hop into the balloon.. rather than have her learn that all of her answers are within.
He is a smart man, he has learned all of his answers through books and higher education.. he mentions Universities .. other important people that he knows of, to back up his credentials and to support his stories..the stories of his greatness, valor and bravery.
Like in the movie; he is a highly respected man, who has the perception of knowing all the answers.. to get an audience with him takes time..as he is always very busy..and of course because of this he is late or sometimes he just doesn’t show.. due to his very important meetings, due to all of the very important people he must meet..and due to the fact that he is always doing some very important thinking.. he is a very important ..IMPORTANT PERSON!
He loves pomp and prestige .. he loves to entertain to show off his success, his connections.. he surrounds himself with only the best and only the best will do..only the best people will surround him.. Just like in Oz .. it is like he has a cult like following of people willing to put him up above them so that they can seek the answers through his knowledge.. while not actually having to learn them through the school of hard knocks.. of circumstances out of their control.. like the cruel hands of fate.. instead they seek him out for the answers.. instead of having faith within themselves.
His social mask he guards with all of his might.. because behind this mask is but an ordinary man.. a man afraid to admit that he is indeed afraid and in way over his head.. he will frighten others away that get to close.. with his IMPORTANCE .. but really this is an internal disconnection from his own intuition .. his own true magic.. his own ruby slippers..
And so he will float around aimlessly in his hot air balloon (Notice they symbolism of being full of HOT AIR) He will still have no real control as he is not fully awake or aware.. he will find other’s constantly who will believe his story that he is THE GREAT AND ALL POWERFUL but he will remain a scared man full of his hot air.. to over compensate for the fear he feels..that one day someone will lift up the curtain and see that he was bumbling and fumbling to find his way in the darkness of his own unconsciousness..
He becomes aware ( finds his magic ) when he stops looking into books alone for all the answers.. or only relies on logic..but instead looks to his own heart ( The Heart.. the symbol of The RED slippers)
There is no place like home..and home is where the heart is.. if he were to listen to his heart he would find it.