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Economic central planning

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"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."

— Hayek, Friedrich event 1973

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"The paradox of 'planning' is that it cannot plan, because of the absence of economic calculation. What is called a planned economy is no economy at all. It is just a system of groping about in the dark. There is no question of a rational choice of means for the best possible attainment of the ultimate ends sought. What is done is simply to muddle through."

— von Mises, Ludwig event 1949

menu_book Human Action: A Treatise on Economics

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