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Command economies might work better now that we have the capability to transmit accurate market information in (near) real time.
by UncleSlacky 7y ago
Command economies might work better now that we have the capability to transmit accurate market information in (near) real time.
- amylene 7y agoMy understanding is that it wasn’t the delays as much as the incentives to lie. Tech doesn’t fix what are essentially people problems.
- gallegojaime 7y agowe're probably way too clueless on that, but it would be interesting to try out. Chile's Project Cybersyn was coordinating productivity all the way back in the 70s, with Telex machines. Perhaps we can bottle some markets' behavior into computers and good C&C human structures.
- Barrin92 7y ago>Chile's Project Cybersyn was coordinating productivity should be pointed out that it was coordinating economic activity not in a 'command economy' sense. The project actually aimed to drastically decentralize economic decision making by applying cybernetic principles to factory work. The goal was for local managers to be able to respond to data in real time. De Beer's so called 'cybernetic factory' was even received positively by Hayek, who was not known for being a fan of command economies.