Cybersyn is great. It highlights the problem of applying cybernetics (systems theory) into a system with many unknowns. Economics as a whole is not a controlled

Cybersyn is great. It highlights the problem of applying cybernetics (systems theory) into a system with many unknowns. Economics as a whole is not a controlled environment like factory where systems theory can be successfully. More modern approach with more success is mechanism design (reverse game theory). Design games that yield results even when you know very little about the players. The Nobel Prize: What is mechanism design and why does it matter for policy-making? https://voxeu.org/article/nobel-prize-what-mechanism-design-and-why-does-it-matter https://voxeu.org/article/nobel-prize-what-mechanism-design-... >Mechanism design theory is a major breakthrough in the modern economic analysis of institutions and markets. It revolutionalised the way economists think about optimal institutions and regulation when governments don't “know it all.” It has had a major impact on current policy-making and will continue to do so in the future.