Capitalism has provided multiple sources of decision-making and initiative, strong incentives for proceeding one step at a time, and the possibility for drawing upon a wide range of human potential – all valuable features of activities that are carried out in an environment of high uncertainty.
The notion that planning and centralization of decision-making are likely to be more efficient appears to be the opposite of the truth when there is a high degree of uncertainty and when goals and objective cannot be clearly defined in advance.
-Nathan Rosenberg (Exploring the Black Box: Technology, Economics, and History)
