chapter  10
Incentive design, iterative planning, and local knowledge in a maturing socialist economy
Pages 27

Introductory perspectives Everyone has heard about the impossibility of socialism! Millions and millions of equations. An authoritarian Central Planning Board trying to make all of the What?, How?, and For whom? decisions for everyone in the economy, when no central agency could possibly have the detailed local knowledge of preferences and production possibilities that it would need even in order to populate those equations with data, let alone solve them. No choice, no freedom, no incentives, no basis for rational decision making. Truly the Road to Serfdom!