Are some countries better off having central planning or laissez faire?

Question

It seems that central planning has greater management but less dynamic, while laissez faire economies have greater dynamics but less overall control, direction, and management. More people pulling in different directions.

I was thinking that with computers and the internet, central planning would be more efficient than before in the early 20th century 1900s when they didn't have computers, central planning was inefficient.

But then I can understand that central planning works best when there is almost perfect information and data, which even with today's technology may be difficult, if not impossible, to achieve.

Answer 1

NO!

Answer 2

Central planning is not very efficient because an economy is too complicated for any one person or group to to keep track of. Someone in a far away capital will not know that people in a small town want more paper clips, but the store owner in the town does and he will order them, the factory owner will notice the increase in the orders and make more paper clips and the people in the town will get want. The best example of a planed economy is the military which needs to pull in one direction, and we all know how much money they waste and how often troops don't get supplies and equipment in a timely manor.

Answer 3

A government should do for the people what the people can´t do for themselves.