The inefficiency of market economy is terrible. Also it leads to production of bad products where repairability, quality is sacrificed to reduce costs and increase sells (who would make a good light bulb, which will last years if you can make a bad light bulb which will last months and sell dozens of them). I'm living in post-USSR country and a lot of old consumer goods which were "made in USSR" are an etalon of quality compared to modern goods.
I still think that central planned economy is superior to market economy. USSR failed because of human factor and probably because computers were not good enough to produce proper plan on a USSR-scale, but even with those factors it was able to compete with the rest of the world in science, space, military. It's quite fascinating.
I still think that central planned economy is superior to market economy. USSR failed because of human factor and probably because computers were not good enough to produce proper plan on a USSR-scale, but even with those factors it was able to compete with the rest of the world in science, space, military. It's quite fascinating.