Chinese economists say Big Data can replace markets in planned economies

In a paper in the World Review of Political Economy , economists from Sichuan University propose a model for an efficient planned economy that uses a hybrid of managed, two-sided “platform” markets (modeled on Ebay, Alibaba and various app stores) and central planning informed by machine learning and big data to fairly and efficiently regulate production in a system in which all substantial assets are owned by the state. (more…)

Source: Chinese economists say Big Data can replace markets in planned economies

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