Quote from: The Minsky Moment on Today at 01:29:04 PMQuote from: Valmy on Today at 01:27:15 PMProbably through trial and error.
But what to try and how do you recognize error?
Hayek was wrong about almost everything but not about the knowledge problem. We don't even know what it is we need to know.
Quote from: Valmy on Today at 01:30:18 PMQuote from: crazy canuck on Today at 01:27:29 PMQuote from: Valmy on Today at 01:16:17 PMI have thought that a centrally planned economy might work with sophisticated enough data and computer resources.
We'll see if China successfully models it for us![]()
It's an interesting thought experiment, that might work if (and it's a big if) self interest of the decision makers is removed. What we are seeing in China are decisions being made for a reason other than optimal well being of the population. It's a bit like the when say communism failed in the Soviet Union and the reply being that Communism was never tried in the Soviet Union. But the question remains, could it ever really be implemented, or would self interest of those in charge always become the imperative.
I tend to think it is the latter, and for all its warts, Liberal Democracy may be the best model.
Well central planning has almost certainly been tried. Seems to me a regulated market economy works with the least disastrous results.
Liberal Democracy is not an economic modelBut if it is I would say straight up liberalism has a long history of disastrous economic meltdowns.
Quote from: crazy canuck on Today at 01:27:29 PMQuote from: Valmy on Today at 01:16:17 PMI have thought that a centrally planned economy might work with sophisticated enough data and computer resources.
We'll see if China successfully models it for us![]()
It's an interesting thought experiment, that might work if (and it's a big if) self interest of the decision makers is removed. What we are seeing in China are decisions being made for a reason other than optimal well being of the population. It's a bit like the when say communism failed in the Soviet Union and the reply being that Communism was never tried in the Soviet Union. But the question remains, could it ever really be implemented, or would self interest of those in charge always become the imperative.
I tend to think it is the latter, and for all its warts, Liberal Democracy may be the best model.
But if it is I would say straight up liberalism has a long history of disastrous economic meltdowns.Quote from: Valmy on Today at 01:27:15 PMProbably through trial and error.
Quote from: Valmy on Today at 01:16:17 PMI have thought that a centrally planned economy might work with sophisticated enough data and computer resources.
We'll see if China successfully models it for us![]()
Quote from: The Minsky Moment on Today at 01:26:11 PMQuote from: Valmy on Today at 01:16:17 PMI have thought that a centrally planned economy might work with sophisticated enough data and computer resources.
That's a very old debate. Oskar Lange was arguing its possibility in the 1930s.
The problem is that even if you had the computing power needed and a workable model, how do you know and how can you get all the necessary information to input into the model?
Quote from: Valmy on Today at 01:16:17 PMI have thought that a centrally planned economy might work with sophisticated enough data and computer resources.
Quote from: Sheilbh on November 23, 2025, 09:30:15 PMQuote from: Zoupa on November 23, 2025, 09:17:55 PMMy prediction is that all of this is moot, as the moron in the kremlin thinks he's winning.Yeah I think that's pretty plausible too.
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