Wonderful passage from @BrankoMilan on the distinction between technical and economic information and their changing importance during the economic development. In short, a largely subsistence economy has a largely technical problem, how to produce a given good 1/3
As an economy becomes more diversified however the problem becomes "what to produce, whether to diversify or not, how to reach consumers, where to buy inputs, how to manage the financial portfolio." These are economic information problems, depending on dispersed knowledge. 2/3
Thus, centralised planning becomes more difficult. Goals conflict and require a method to assess them. 3/3
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