Brad DeLong has an excellent blog post that spells out exactly how much a society loses when they opt for a "communist solution" to economic decision-making, rewards, and redistribution.
Eschewing markets robs you of between 80% and 90% of your potential economic productivity.
Now... if only somebody could do the equivalent analysis for how much a society loses by choosing a all-bets-are-off, deregulate, deregulate, Republican economy loses by the "trickle down solution" to economic decision-making, rewards, and redistribution.
I'm guessing choosing poorly regulated markets with periodic bank panics and crony capitalism robs you of between 30% and 50% of you potential economic productivity.
That's my wild-assed guess. I sure wish somebody could do the detailed analysis like
Brad DeLong has done for the Communist case.
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