There are two lines of argument here.
The first one is theoretical. The advantages and disadvantages of central planning have been argued about in the literature for many decades. That was driven mainly by two factors: ideology and the paucity of empirical data.
XX century was, generally speaking, the time of human hubris in the social sphere. Reason and skill would rearrange the society and create a perfect one, not this messy outgrowth of chaotic history and suspect human motivations. The left, in particular, ran with this idea very far, paving its way with corpses for much of the way. Central planning is a necessary component of this grand plan to arrange the society properly and as such it was massively promoted by the left, with some success.
On the other hand, in early XX century central planning was mostly untested, and by the middle of the century there wasn't much data (and that was skewed by ideology) plus there were exciting developments in the area of linear programming and so there was hope that maths would provide that perfect solution to the allocation problem. In the 50s and the 60s that wasn't an outrageous claim -- maybe yes, maybe no, let's see how it works out.
But nowadays the bastions of the left have collapsed and we DO know how it works out. The debate is basically over and central planning has lost quite thoroughly. I doubt there's anyone other than committed marxists who still sing its praises.
The other line of argument, the one I actually had in mind, is purely empirical and does not rely on the opinions of economists.
We had a bunch of countries attempt central planning. It turned out to work really badly. We had another bunch of countries go with the markets. They turned out to work really well. There are no cases of central planning being noticeably successful. There are many cases of market-driven economies being noticeably successful. At the moment all the rich and free countries have market economies. Countries which stick with central planning are countries like Cuba and North Korea.
How much empirical evidence do you need? Please update already.
Please update already.
Update how, exactly?
As I have already said (more than once, I think) in this discussion: I already agree that the available evidence and theoretical analysis give good reason to think that markets beat large-scale central planning. And if Jiro had been proposing large-scale central planning, my only problem with your response would have been its needlessly contemptuous tone.
What s/he was actually proposing was interference with prices in a small number of rather unusual cases, the goal not being to maximize overall economic growth ...
This thread is for asking any questions that might seem obvious, tangential, silly or what-have-you. Don't be shy, everyone has holes in their knowledge, though the fewer and the smaller we can make them, the better.
Please be respectful of other people's admitting ignorance and don't mock them for it, as they're doing a noble thing.
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