[CWuestefeld]

with enough computational power you can forecast and implement very nice lifestyle for everyone, the ability to measure and compute nearly everything to a very good degree is something that only recently we achieved and we are not taking full advantage of.

This isn't correct. Friedrich Hayek showed (and won a Nobel Prize for it) that this kind of thing is fundamentally uncalculatable. It's not just a matter of scale, it's that important information like how different inputs can be substituted for each other and at what cost are spread across a huge distributed emergent machine. No one entity knows this stuff, or even knows what questions to ask. Heck, even the individuals that are cods in that distributed machine don't even know what logic they're applying.

So throw as much computational power at it as you like, you're still going to wind up with shortages and quality problems if you try to have any centralized agency make these calls.

[bennysomething]

I didn't know about this (the Nobel prize bit), I've heard the argument in different ways. I find it infuriating that this amazing machine of pricing just gets ignored, taken for granted or worse.

[kazen44]

mind you the soviet tried something like this in the early 1980's. Using computers and mathematical models to see where changes where required in the command economy.

This did not work, obviously.

[twiddling]

Francis Spufford's Red Plenty touched on this in some of the vignettes in that book. Fun book to be read as historical fiction set in the USSR.

[anoncake]

> and won a Nobel Prize for it

In Physics, Chemistry, Physiology or Medicine, Literature, or Peace?

[CWuestefeld]

LMGTFY: https://www.google.com/search?client=firefox-b-1-d&q=friedri...

[jerven]

The comment is that "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974 " is not really a Nobel prize, as it was not set up by Nobel.