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from Part I - The Nature of Knowledge and Entrepreneurship
Published online by Cambridge University Press: 02 May 2024
With the emergence of big data and artificial intelligence, the feasibility of central planning has again become a popular topic. The essential feature of the planned economy is the use of systematic and institutional force to negate entrepreneurship and deprive individuals of the freedom to choose, especially the freedom to start a business and innovate. Can big data revive the planned economy? The essence of this question is: Can big data displace entrepreneurship? The impossibility of a big data-based planned economy is demonstrated from five perspectives (i.e. the nature of knowledge, the nature of entrepreneurial decisions, the distinction between risk and uncertainty, the importance of ideas, and the evolutionary view). In other words, big data cannot replace entrepreneurship. The false belief that central planning is possible with big data is extremely naïve.
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