— Steven Hayward, summarizing a point by F.A. Hayek
The meatier version, with context:
"Hayek was emphatic that no matter how big and how fast our computing power got, it did not change the fundamental defect of all centralized economic control: the problem is not simply mastering or processing a large amount of raw data. Information and circumstances change too quickly. More fundamentally, the data necessary for centralized decision-making is not available at all."
