One argument levelled against command economies by people such as Hayek is that, without the information contained in market prices, it is almost impossible to allocate resources efficiently. In other words, there can be no ‘from each according to his abilities, to each according to his needs’ without some price mechanism to reveal what those abilities and needs might be.
One argument levelled against command economies by people such as Hayek is that, without the information contained in market prices, it is almost impossible to allocate resources efficiently. In other words, there can be no ‘from each according to his abilities, to each according to his needs’ without some price mechanism to reveal what those abilities and needs might be.
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What I didn’t know until reading Francis Spufford’s bizarre and wonderful novel Red Plenty was that some brilliant Soviet thinkers understood this argument but believed that you could overcome it.
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