Will central planning of economy be a better option than a free market ?
The main argument against central planing is that it needs enormous amount of information and processing power to correctly plan the needs of consumers.
Another fact is that we, individuals never have enough information to make 100% rational choice.
So we make partially irrational choices and if there was someone or something (a mega comp) that can calculate all the odds for us and decide which choice for is better for us it would be pretty much relevant.
My question is following: In the future (may be near, may be far) when there will be possibility to collect and process big amounts of data, will it be relevant to use central planing rather than free market ?