A centrally managed economy can be great for making unpopular but necessary changes, but are prone to massive failures when the law of unintended consequences inevitably shows up to bite you in the ass.
Free market economies are great for letting complexities sort themselves out, but are terrible for quickly making necessary changes, and you end up with “death by 1000 cuts” instead of one but failure.
In the end, I think it’s best to use the right tool for the right situation. As the goods/services are less critical, or the barriers to doing it yourself are low, a free market approach tends to work better. As the goods/services become more critical, and the do it yourself barriers are high, the free market approach becomes increasingly shitty for everyone but the owners.
Each end of the spectrum a has its own issues.
A centrally managed economy can be great for making unpopular but necessary changes, but are prone to massive failures when the law of unintended consequences inevitably shows up to bite you in the ass.
Free market economies are great for letting complexities sort themselves out, but are terrible for quickly making necessary changes, and you end up with “death by 1000 cuts” instead of one but failure.
In the end, I think it’s best to use the right tool for the right situation. As the goods/services are less critical, or the barriers to doing it yourself are low, a free market approach tends to work better. As the goods/services become more critical, and the do it yourself barriers are high, the free market approach becomes increasingly shitty for everyone but the owners.