In the journal Globalizations, Cédric Durand of the University of Geneva has published an article that utilises an analysis of green finance and the Anthropocene to criticise Friedrich Hayek’s knowledge problem for socialist planning and outline how socialist planning could be feasible in the 21st century.
A summary of the article (from the abstract) can be found below:
In the twentieth century, debates about economic planning were largely shaped by arguments concerning knowledge and the acquisition of information. As the century drew to a close, the dispute was almost resolved, as a wide spectrum of economists and social scientists accepted that an absolute ‘problem of knowledge’ rendered central planning impossible. This contribution aims to explore the implications of ecological issues for the problem of knowledge and the possibilities of planning. After providing some context by examining the rationale and limits of green finance, we engage with Hayek’s theory regarding natural resources and the shortcomings of his understanding that individual actions mediated by the markets would adequately accommodate the interaction between society and nature. Finally, drawing on Marxist and Polanyian insights, we explore the epistemic conditions for planning in the digital age, including the necessity of accommodating the fundamental diversity and limitations of knowledge in any planning design.
You can read the article here.