7 days ago
- Business
- Wall Street Journal
The AI Market Debate Is Old
Regarding Marian L. Tupy and Peter Boettke's op-ed 'Algorithms Can't Replace Free Markets' (July 22): Economists have already debated whether AI could replace the market some 80 years ago when they argued over the Lange model.
Polish-American economist Oskar Lange's utopian—or dystopian—idea was to have a big, futuristic computer replace market dynamics so that an economy could be centrally planned.
