Mainstream economics is a bit of a cult due to the identifiability problem. This is the problem that empirical evidence is ignored in most econometric papers and there is usually no way to identify economic events discretely that correspond to the ones mentioned in papers. Paul Romer, a professor at the Stern school of business, has published a great paper calling this out (pdf: https://paulromer.net/wp-content/uploads/2016/09/WP-Trouble.... ) .
Central planning has and always will be an epic failure. The economic calculation problem always leads to its downfall.
The Chinese banking and finance model, which is akin to largely privatized central planning, is the only real alternative and it is ignored, though it seems to have solved the business cycle, given that western observers have been predicting a Japanese style prolonged financial crash for 30 years and instead there's been continuous growth.
Central planning has and always will be an epic failure. The economic calculation problem always leads to its downfall.
The Chinese banking and finance model, which is akin to largely privatized central planning, is the only real alternative and it is ignored, though it seems to have solved the business cycle, given that western observers have been predicting a Japanese style prolonged financial crash for 30 years and instead there's been continuous growth.