Command economies were historically limited by their inflexibility and limitation of individual choice. With the emergence of AI and deep learning algorithms, it may be possible to leverage real time data to optimize resource allocation and economic decision making, allowing for an economy which maximizes individual prosperity beyond what is made possible under capitalism.
It would begin with wide scale data collection and integration. Data could be collected from government agencies, financial institutions, business, and of course people. This would include indicators, market prices, resource availability, production capacity, consumer preferences, etc.
Once an understanding of the current state of the economy was achieved, it could begin to create viable economic models. The model would be beyond what is capable for us to imagine, capturing interdependencies between different sectors, resources, and agents, while integrating factors like supply and demand, production capacity, cost structures, and environmental considerations.
Then, by comparing these models to our current economic system, it could begin to optimize resource allocation. This would include division of resources like labor, capital, and raw materials across all economic sectors. The goal would be to minimize waste, maximize productivity, and achieve desired economic outcomes based on the needs and wants of humanity.
AI could also simplify the decision making process for economic policy. It could offer recommendations and insights unknown to us, or simulate the effects of policy changes and interventions in the economy. Humanity could use these insights to make more intelligent policy decisions to the benefit of the masses.
By using real-time data, if a decision was harmful or a goal was not met, the AI could trigger alarms as soon as the deviation began, allowing us to catch problems early and adjust accordingly. The economy could adapt to our needs in real time.
Now, we must consider things like privacy with regards to data, complexity and uncertainty introduced by factors which the AI might not consider, the failure of governmental decision making, and the resilience of such an economic system; however, in my estimation these factors are not unique to an AI driven command economy. In fact, all of these criticisms could be similarly leveled towards capitalism. The potential benefit to humanity offered by such an economic system is immeasurable, and would be resisted greatly by the current world order which benefits most from our current economic arrangement; however, the tools of our liberation are in the making, and it is up to us to implement them.