Source: Foundation for Economic Education
by Sergio Martinez
“During the early 1970s, the Chilean government imposed price controls on thousands of goods while expanding state control over industry. Shortages multiplied, black markets expanded, and economic coordination deteriorated. Political instability soon followed, culminating in the military coup of 1973. At first glance, the lesson seemed clear: central planning could not replicate the complex coordination performed by markets. And yet the idea never completely disappeared. Recent advances in artificial intelligence have revived an old argument. If earlier socialist planners failed because they lacked sufficient computing power, perhaps modern algorithms could finally solve the problem. Some contemporary writers have openly suggested this possibility.” (03/23/26)
https://fee.org/articles/could-artificial-intelligence-finally-make-central-planning-work/