Comment by mytailorisrich
1 day ago
> resource allocation performed democratically instead of by markets
The economy is too complex to be planned in details and such attempts at control have failed again and again.
I think some people also miss that, crucially, the market is not an external force, it is just the aggregate of each individual's need, decision, and desires. SO in a way a working market is as free and democratic as can be.
I like to say the market is undefeated thoughout history.
You can add regulations or limitations that incentivize the market one way or another to achieve social goals, but these distortions add up. And when there are too many distortions in the market, it stops acting how you want it to act, and starts acting how it will. And usually, that means negative unintended consequences.