In a socialist land, the state holds sway
Over all the means of production each day
But how to allocate and use these resources right
Is a problem known as the Hayekian plight
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Over all the means of production each day
But how to allocate and use these resources right
Is a problem known as the Hayekian plight
1/4
The market's invisible hand is gone
No prices to guide, no profits to be won
Without the signals of the market to guide
The state is left to decide
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No prices to guide, no profits to be won
Without the signals of the market to guide
The state is left to decide
2/4
But its knowledge is limited, as is ours
It can't know the preferences and the powers
Of all the people in the land
It can't know the demand
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It can't know the preferences and the powers
Of all the people in the land
It can't know the demand
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So the choices it makes will be misguided
And the economy will be one-sided
Inefficient and wrong, it will stumble and fall
Until the market's signals are heard by all
4/4
And the economy will be one-sided
Inefficient and wrong, it will stumble and fall
Until the market's signals are heard by all
4/4
"write a poem about the Hayekian knowledge problem of socialist calculation" -- request to ChatCPT
This is 100% real ..
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