These questions are similar to those posed by Friedrich Hayek about the economy in the 1930s and 1940s, in his effort to re-found liberalism as neoliberalism. By arguing that humanity could never comprehend the market, he endowed the economic sphere with ecological attributes – it appeared as a natural self-organizing system.
According to Hayekian logic, the only solution to any market failure is more markets
Hayek, who came from a family of biologists, saw the market as a ‘highly complicated organism’. This approach contrasted with that of neoclassical economists, who used Newtonian physics as their point of reference, as if the economy were a billiards game whose outcome could be predicted
Friedrich A. Hayek (1899-1992) is known for his vision of the market economy as an information processing system characterized by spontaneous order: the emergence of coherence through the independent actions of large numbers of individuals, each with limited and local knowledge, coordinated by prices that arise from decentralized processes of competition.
Hayek argued that there would be three types of information a central planning board would require but find impossible to marshal
First, a very granular and constantly updated inventory of all production goods, their state of repair (e.g. remaining useful lifetime of a machine) and location
Second, mathematical functions (think: lookup tables) summarizing the quantities of each input (e.g. X kilograms of steel tubing, Y drill presses, Z rubber tires, etc.) required to produce any quantity of a given commodity (e.g. N bicycles)
Finally, “complete lists of the different quantities of all commodities which would be bought at any possible combination of prices of the different commodities which might be available” (i.e. an aggregate demand function) would have to be settled upon in order to begin calculating how best to make use of the aforementioned productive resources