Would AI-Enabled Communism Work?
For decades, Friedrich von Hayek's famous critique of central planning has underpinned objections to all kinds of regulation. But even if Hayek was right about the desirability of economic decentralization, the rise of artificial intelligence may have fundamentally changed the nature of the game.
BOSTON – Friedrich von Hayek is best known for his influential 1944 polemic The Road to Serfdom. But his most celebrated work in economics is “The Use of Knowledge in Society,” a rather short article on how society uses and acquires dispersed information about economic fundamentals such as preferences, priorities, and productivity.