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Big Data, Quantum Computing, and the Economic Calculation Debate: Will Roasted Cyberpigeons Fly into the Mouths of Comrades?

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  • Phelan, Steven E.
  • Wenzel, Nikolai G.

Abstract

Advancements in cloud computing, machine learning and quantum processing are starting to erase long-standing conceptions on the scarcity of information. In this paper, we ask whether removing all limits on the volume, velocity, and variety of data will allow the messiness of the market process to be replaced by a more rational system of resource allocation and distribution that would generate less waste and more equity. We conclude that unlimited access to information will not solve the problem of economic calculation, as some have conjectured. The market process provides valuable benefits beyond the simple aggregation of spatially and temporally dispersed information. As such, it is unlikely to be displaced by more centralized forms of economic organization.

Suggested Citation

  • Phelan, Steven E. & Wenzel, Nikolai G., 2023. "Big Data, Quantum Computing, and the Economic Calculation Debate: Will Roasted Cyberpigeons Fly into the Mouths of Comrades?," Journal of Economic Behavior & Organization, Elsevier, vol. 206(C), pages 172-181.
    • Handle: RePEc:eee:jeborg:v:206:y:2023:i:c:p:172-181
    DOI: 10.1016/j.jebo.2022.10.018
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    References listed on IDEAS

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    More about this item

    Keywords

    Quantum computing; Big data; Artificial intelligence; Economic calculation;
    All these keywords.

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • E14 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Austrian; Evolutionary; Institutional

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