Big Data, Quantum Computing, and the Economic Calculation Debate: Will Roasted Cyberpigeons Fly into the Mouths of Comrades?
Department
Michael A. Leven School of Management, Entrepreneurship and Hospitality
Document Type
Article
Publication Date
2-1-2023
Abstract
Advancements in cloud computing, machine learning and quantum processing are starting to erase long-standing conceptions on the scarcity of information. In this paper, we ask whether removing all limits on the volume, velocity, and variety of data will allow the messiness of the market process to be replaced by a more rational system of resource allocation and distribution that would generate less waste and more equity. We conclude that unlimited access to information will not solve the problem of economic calculation, as some have conjectured. The market process provides valuable benefits beyond the simple aggregation of spatially and temporally dispersed information. As such, it is unlikely to be displaced by more centralized forms of economic organization.
Journal Title
Journal of Economic Behavior and Organization
Journal ISSN
01672681
Volume
206
First Page
172
Last Page
181
Digital Object Identifier (DOI)
10.1016/j.jebo.2022.10.018