Hayek’s reasons for holding that planning cannot work are not limited to the problem that the information required for the task of coordinating the plans of a multitude of individuals is too vast to organize effectively. The knowledge utilized within the market by entrepreneurs does not exist outside that local context and thus cannot even be organized in principle. It is not that planners would face a complex computational task; it is that they face an impossible task, because the knowledge required is not accessible to them no matter what technological developments may come along to ease the computational burden.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "Hayek’s reasons for holding that planning cannot work are not limited to the problem that the information required for the task of coordinating the plans of a multitude of individuals is too vast to organize effectively. The knowledge utilized within the market by entrepreneurs does not exist outside that local context and thus cannot even be organized in principle. It is not that planners would face a complex computational task; it is that they face an impossible task, because the knowledge required is not accessible to them no matter what technological developments may come along to ease the computational burden." in the context of "Peter J. Boettke, "Hayek and market socialism", in Edward Feser(ed.), The Cambridge Companion to Hayek (2006)" to mean that wisdom is timeless.