this post was submitted on 20 Aug 2023
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The idea of centrally planned economy ignores the lessons of the past. Bronze Age empires and recent examples all display universal inability to adjust to changes.
It’s the same magical thinking as the blind belief in market forces exhibits.
Priests of “invisible hand of market” ignore information exchange speed limits and market inertia, believing that markets will just magically fix everything in time for it to matter.
Preachers of central planning ignore information exchange speed limits and market inertia (and yes, there is a market, as long as there is goods and services exchange, however indirect) by believing they will have all the relevant information and the capacity to process it in time for it to matter.
Neither is true. Neither school of thought even attempted to show itself to be true.