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There is a school of thought which believes that our society would be better off if its decision-making processes were centralized in the hands of an elite few technocrats (or, better yet, computers). In their view, we will be better off when questions over resource allocation, production and investment are answered by recourse to data and equations, without regard to the fundamental market institution: money. Today on the program, James explores not just why this idea is fundamentally wrong, but why it is fundamentally dangerous.

Works Cited:

Another example of why central planning is a bad idea…

Turning back to Napoleon

Economic calculation problem (Mises wiki)

Economic calculation problem (Wikipedia)

The Last Word on Utopia

Populism is destroying globalism