Which is where cybernetic control considerations come in. Both distributed and centralized planning need to coexist cooperatively to have a really effective economy, regardless whether it's socialist or capitalist. Modern information technologies make the socialist variation much more viable.
The Austrians were/are almost just the other side of the same coin, all of their recommendations (and I believe this is intentional as I Believe they were/are essentially just a PR firm for powerful special interests) led/lead to hyper centralized private sector central planning, not "market driven decision making". Also, in my personal opinion, a lack of computational power and telecommunications networking was the least of their problems and maybe wasn;t actually much of a problem at all. One example of this that a plan meeting logical conditions could be consistently applied in a many commodity, many enterprise economy with hundreds of thousands organizational agents and hundreds of millions of people ignores the hyper complexity of real world dynamics. The simplification into a matrix format doesnt account for qualitative diffs between goods, inter and intra regional dynamics, or the extremely large number of big, medium, and small unforeseen events.
Which is where cybernetic control considerations come in. Both distributed and centralized planning need to coexist cooperatively to have a really effective economy, regardless whether it's socialist or capitalist. Modern information technologies make the socialist variation much more viable.
The Austrians were/are almost just the other side of the same coin, all of their recommendations (and I believe this is intentional as I Believe they were/are essentially just a PR firm for powerful special interests) led/lead to hyper centralized private sector central planning, not "market driven decision making". Also, in my personal opinion, a lack of computational power and telecommunications networking was the least of their problems and maybe wasn;t actually much of a problem at all. One example of this that a plan meeting logical conditions could be consistently applied in a many commodity, many enterprise economy with hundreds of thousands organizational agents and hundreds of millions of people ignores the hyper complexity of real world dynamics. The simplification into a matrix format doesnt account for qualitative diffs between goods, inter and intra regional dynamics, or the extremely large number of big, medium, and small unforeseen events.