Those problems you described are the problems that only now we can address, IT infrastructure can provide communication of ideas, distributed concesus, simulation, risk analysis, this is why i claim there is no proper central planning deployed yet
Inventors are not motivated by money, just as people are not motivated by money. Sure they need them to cover basic needs but what drives them to excel is social status.
They are motivated by celebrity and by an over inflated ego. So they would over-sell their invention. The proof of the pudding is the eating. There's no way to know (except in very stupid cases) whether an idea really works, in all the details, until you've done it. Thinking that you can simulate an economic activity with all the details is an illusion. You don't know if the guy you've paid to do the testing is going to do his job correctly. You don't know if the machine you ordered will work exactly as promised on the contract. Whether it will be delivered on time. There are so many little details between an idea and an actual product on the shelves, that it is only when it is really done that you really know how much resources it used. On the other hand, you can have inventions that are not completely understood by their inventors themselves, but they work. They would not be able to convince you, but they believe in it. They might be right or wrong.
The only way to make sure that what people claim, is true, is by making put them their money where their mouth is.
And then there's something that no central planning can ever achieve: the whimsicalness of people's desires. What would sell like crazy today, would not interest any one any more tomorrow. You see that with children: one day there's a buzz and everybody wants Pokemon monster cards. A few years later, nobody wants them any more. Nevertheless, on the moment itself, they are a source of immense satisfaction for the kids. How is your central planning going to find that out ?
Oh and about the nash eq debate, economy had never ever be in a nash eq, and i just wanted to show you why that is. The equilibrium is the laser dot, and the economy is the cat
Of course. Like nothing is ever truly in thermodynamic equilibrium. But that's not a reason to say that, as anyway things are not in an equilibrium, I'm constructing my house on the top of a pin head, as equilibrium is in any case an illusion.
Nobody denies the merits of prototyping, it doesnt need to be in the production line to determine the product parameters, nor does the public hold the ultimate test on success or failure.
If enough data are available short term forecasting is accurate enough, note central planning models having less entropy is easier to simulate than free market (i think)
art, fashion, games and trending items are true impossible to plan, but they are thankfully candidates for self-production (3d printing), ie Cards against humanity, designs are immaterial anyway, custom manufacturing is a good thing.
So what about million dollar holywood movies? art always required funding, I dont regard it as a commodity or product, artists should be funded though, not art-projects maybe the same could apply on inventors, angel investing can be done centrally too.
