3 ms·

see also https://en.wikipedia.org/wiki/Socialist_calculation_debate https://en.wikipedia.org/wiki/Socialist_calculation_debate or van mises' 1920 paper on this

• amai 6y ago
  Here a quote from your interesting links. It seems some were already very aware of the short comings of centralised economy: "If a universal mind existed, of the kind that projected itself into the scientific fancy of Laplace – a mind that could register simultaneously all the processes of nature and society, that could measure the dynamics of their motion, that could forecast the results of their inter-reactions – such a mind, of course, could a priori draw up a faultless and exhaustive economic plan, beginning with the number of acres of wheat down to the last button for a vest. The bureaucracy often imagines that just such a mind is at its disposal; that is why it so easily frees itself from the control of the market and of Soviet democracy. But, in reality, the bureaucracy errs frightfully in its estimate of its spiritual resources. [...] The innumerable living participants in the economy, state and private, collective and individual, must serve notice of their needs and of their relative strength not only through the statistical determinations of plan commissions but by the direct pressure of supply and demand. — Leon Trotsky, The Soviet Economy in Danger"