"I still see Hayek as the best critic of all forms of centralized economic planning. It is to his merit to have shown scientifically that centralized planning cannot work for an economy because complete knowledge of that economy is never available centrally. As nice as it would be to have one, there is no mastermind who knows and can control everything, and there never will be. This was Hayek's scientific argument for the superiority of the market economy. A planned economy is only a viable means where there is a clear overarching goal – during wartime. A war economy is always a planned economy. Supporters of central economic dreams should therefore hear it once and for all: centralized economic planning is not suitable during peacetime."
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Sources
René Scheu, "The role of the sceptic: A conversation with John Gray," (2013), interview of John N. Gray, Eurozine.com , "The role of the sceptic"
https://en.wikiquote.org/wiki/Planned_economy
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Planned economy
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