Suppose the European Union adopted central planning for
its economy, and you became the Chief Planner. Among the
millions of decisions that you need to make for next year are
how much food to produce, what land to use and who
should receive the food produced and in what quantities.
a. To make these decisions intelligently, what information
would you need about the food industry?
b. What information would you need about each of the
people in the countries making up the European Union?
c. How would your decisions about food affect some of
your other decisions, such as how much farm equipment
to produce, how much labour to employ on farms and
how much fertilizer to use? How might some of your
other decisions about the economy change your views
about food?