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Open-Mindedness | Principles of Bitcoin Series | Episode 5 (WiM258)
The "What is Money?" Show
The Ineffectiveness of Central Planning
Central planning is the idea of moving in accordance with a single rigid plan of action that an economy can get locked into non opportunistic courses of action. In Soviet Russia, you had one government body saying produce this many thousand cars regardless of the actual demand for cars. That same approach across various industry sectors inevitably resulted in shortages and surpluses or all types of dislocations in the marketplace. So when you get locked in to this deterministic mode of behavior or mode of economy, you've actors fail to embrace opportunity. They fail to adapt ultimately. And therefore they become blind to optionality.
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