Will Artificial Intelligence Create a Socialist Paradise?

Source: Ludwig von Mises Institute
by Doug French

“Relating a quip by Soviet economist Nikolai Fedorenko, Yuri Maltsev illustrated the problem with socialism in his foreword to Ludwig von Mises’s Economic Calculation in the Socialist Commonwealth. Fedorenko said, at the time, in Maltsev’s words, ‘[A] fully balanced, checked, and detailed economic plan for the next year would be ready, with the help of computers, in 30,000 years.’ Victor Shvets believes computing power has caught up and ‘technology could soon create an environment where state planning might be able to deliver acceptable economic results while simultaneously suppressing societal and individual freedoms.’ … The new world, according to Shvets, will be fair, equitable, and beneficial to society, rather than freedom and individualism. His soothsaying is based on a quarter of millennials believing democracy is bad for society and less than a third believing it essential.” (01/04/22)