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Eugine_Nier comments on Is Politics the Mindkiller? An Inconclusive Test - Less Wrong
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That runs into pigeon hole problems, even in theory.
Say a theoretical human can have M preferences and there are N humans so we need to store MN utilities. Clearly humans can't consciously hold that much information in their head even for just themselves, but I can currently store about 142 32-bit integers for every person alive on earth on a single relatively cheap hard drive. A centralized world economy could keep track of individual price-preferences of all products that have a UPC assigned using about 7x10^19 prices, or a little over 10 exabytes. Difficult, but not intractable.
Assuming the other humans aren't similarly using hard drives to extend their effective memory.
I guess there's an limit on the percentage of wealth owned by the people, then. In the worst case the government would need at least 50% of the total wealth to devote to mirroring the memory storage used by all the people. Pretty steep tax rate, and that doesn't include effective taxation by wealth redistribution that might result from the central government's calculations.