Nobel Laureate Frederick Hayek eloquently makes this case in his book, The Fatal Conceit. Hayek inveighed against the notion of ever being able to plan a productive economy. He argues that formal planning methodologies—which are models of how an economy works—do not capture what really drives a competitive economy, in particular the information processed through decisions made daily by millions of buyers and sellers. Conversely, countries that try to run their economies through a central state planning mechanism cannot process information nearly as well as the multitude of players in a
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