HAS THE COVID-19 CRISIS PUT PLANNING BACK ON THE AGENDA?
The COVID-19 pandemic resulted in the emergence of an unforeseen event with far-reaching consequences. This surprise invalidated the traditional results of economic calculation and made the act of political decision-making emerge as central as the markets proved incapable of handling this type of event. In such a situation, the political decision turns out to be more effective than economic calculation. This is also the case with heuristic decision-making because it becomes impossible to calculate in advance the consequences of the unforeseeable event. In this situation, O. Neurath had shown in the debate with L. von Mises and F.A. Hayek that planning could be an effective alternative to a market. J.E. Stiglitz has stressed the risk of market failures too. It is therefore now clear that the health crisis has revived the issue of planning. The fear of a recurrence of such a pandemic will permanently shape economic behaviour in the years to come. We find empirical applications both in the case of war economies during the two world conflicts and in the Japanese or French post-war economy. Conscious and organized consultation, which can then take the form of a flexible mode of planning such as what was practiced in post-war France or in Japan by the MITI, can then - as Claude Gruson shows - prove to be a procedure that is not only effective but empirically efficient in the face of uncertainty and the inability of the market to manage information effectively.