But Hayek's market utopia does not take Keynesian uncertainty into account. Since we cannot quantify the future in probabilistic terms, it cannot be captured in terms of the "information" provided by the price system. Despite its supposedly self-correcting mechanisms, the "market" is as subject to unanticipated consequences and inefficient, disequilibrating outcomes as any planning mechanism would be. We should therefore reject the entire dichotomy between central planning, on the one hand, and market "rationality" on the other. Neither mechanism is guaranteed to produce desirable (or efficient) outcomes; neither is likely to reach any sort of equilibrium; both are subject to shocks and ruptures that cannot be contained within probabilistic calculations of risk.
[...] despite Hayek's idealization of the market, no corporation actually works by responding to the "information" conveyed in price signals. Rather capitalist firms themselves engage in massive central planning, in order to manipulate supply, demand, and profit. In other words, planning will take place in any case. It is never as efficacious as the planners wish, but neither is it as futile and ineffective as Hayek claims. The real problem, given the actuality of planning, is to ensure that it is done democratically and accountably, rather than (as at present) by managers and plutocrats accountable only to their corporation's bottom line. [...]