>If gov’t backed companies out compete “free market” companies, why are we saddling ourselves with an inefficient economic model?
I think that is actually a fair question, but it all comes down to what you optimize for. I think that the most efficient economic model could be some form of slave command economy.
That said, I think the bigger argument against central economic planning is that it further centralizes social and political power as well. This is prone to more drastic and oppressive failure modes.
Last, you talk about the speed of information, but that cuts both ways. Distributed systems can take advantage of this as well. Capitalist economies have booms and busts, but I would take them any day over great famines.
I think that is actually a fair question, but it all comes down to what you optimize for. I think that the most efficient economic model could be some form of slave command economy.
That said, I think the bigger argument against central economic planning is that it further centralizes social and political power as well. This is prone to more drastic and oppressive failure modes.
Last, you talk about the speed of information, but that cuts both ways. Distributed systems can take advantage of this as well. Capitalist economies have booms and busts, but I would take them any day over great famines.