How do you judge an economic system and what is the best system?

Question

It's a report I'm making and I wanted more details.

Answer 1

There are many criteria that can be used to judge an economic system, but the main ones are efficiency and equity.  Efficiency is defined as not just having markets that fit the theoretical definition of efficient, but having growth in the size of the economy and lots of innovation.  Equity is the distribution of the income.  The most efficient economy in the world does no good if the income from it is owned by a few people, and the rest live in wretched poverty.  Equity also means the ability of every person to have the necessities of life, such as food, clothing, shelter, education, health care, etc.

The best form of economy is one that mixes the two of these, a mix of capitalism and socialism, leaning towards the capitalist side.  These types of economies have performed the best historically and have the highest standards of living today.

Answer 2

To judge an economic system you should have the possibility to see it from an historic point of view.

For example we now can see that communism was a negative economic system because the economy in that period was not good and the people were not in good economic situation. History is beginning to show us that also capitalism model is going to be wrong because you can see on the newspapers that the signs it is going in crisis are under the eyes of everybody.

I think the best system is to mix capitalism(award the worth) and communism (to take care of every citizen) but is difficult to mix them. sorry for the english i'm italian