friedrick von hayek, a 20th-century economist, thought that it is not possible for the planning body to have perfect information. for this reason, the decisions taken by this body will be wrong, as it is not possible to foresee all possible events. once the decision has been taken there is only a small margin to vary the production; this means that a planned economy cannot adapt to a change as rapidly as a market economy. according to ludwig von mises, there is no competition, and there are no reasons to innovate or to look for different solutions to a problem, in a planned economy.