An agent-based approach to the limits of economic planning
Emanuele Martinelli
Abstract:Mises’ and Hayek’s arguments against central economic planning have long been taken as definitive proof that a centrally planned economy managed by the government would be impossible. Today, however, the exponential rise in the capacities of AI has opened up the possibility that supercomputers could have what it takes to plan the national economy. The ‘economic calculation debate’ has thus reignited. Arguably, this is because neither Mises nor Hayek have given a clear and conclusive argument why central planni… Show more
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