Comments by "David Glickman" (@live_free_or_perish) on "Capitalism is good. Let me explain." video.

The free market is pareto efficient. If implemented correctly, it is the best economic system that exists.
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@subconsciousness7577 a planned economy depends on the state read the minds of each citizen and determine their priorities. Then it has to anticipate the exact skills and knowledge required for production and force its people to work as determined by the plan. Producers have to sell at predetermined prices and pay predetermined amounts for labor and materials. It cannot be as effective as a free market and allow its citizens any kind of economic freedom.
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@JoJofghj correct, but we can approximate ideal conditions through legislation. Anti-monpoly, complete transparency, measures to account for externalities, etc. Even with less than ideal conditions, it's better than a planned economy.
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@JoJofghj in a free market over and under production are correct through supply and demand implemented by consumers, not the government. If you prefer the government to step in, then it's a personal preference, not an economic argument.
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@Zift_Ylrhavic_Resfear if the total amount of food they sell is greater than demand the the price will fall, and less food will be produced. Equilibrium will naturally be restored by the consumers and producers, not artificially by force of the state.
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@JoJofghj profits allow producers to invest in research and development and improve the efficiency of production. The free market allows people to make economic decisions for themselves. Planned economies in countries like Russia, China, North Korea, etc. are associated with planned behavior as well. The philosophical difference is about whether you believe individuals can be trusted to make good choices versus a centralized power that makes choices on behalf of the people because it has superior judgment.
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