There would still be the problem of collecting accurate data to permit the algorithm to work. This would be expensive and people could lie to their own advanta

There would still be the problem of collecting accurate data to permit the algorithm to work. This would be expensive and people could lie to their own advantage. BUT! Most economic models assume acquiring the necessary information for decisions is free AND they assume your agents always faithfully serve your interests. So once again these modeling assumptions have made the world safe for central planning. Praise the economists!