The return of centrally planned economies: Big data beats Hayek. Real estate investment trust moved from a decentralized system of landlord/property managers to set their rents to a centralized system using huge datasets and price setting software, revenue management software is also widely used by airlines and hotels, software is being used in hiring decisions, and Uber uses an algorithm to set prices rather than letting drivers set them.
Hayek's essay "The Use of Knowledge in Society" makes the case for the use of decentralized markets to take advantage of widely dispersed information to make choices. "Central planning based on statistical information by its nature cannot take direct account of these circumstances of time and place and that the central planner will have to find some way or other in which the decisions depending on them can be left to the 'man on the spot.'" It was probably true when he wrote that in 1945, but it's wrong now. Now centralized algorithms outperform decentralized local manager knowledge.