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The market is certainly not perfect. There is waste, bad investment, etc. There's no avoiding that. Unlike government, however, the market is much more efficient in realizing and correcting for that.

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If only we had the evidence to support this sort of sweeping generalization. It's a nice theory on paper, in practice it seems to be more complicated depending on time scales and type of goal. There is a lot of no-true-scotsman-ing in support of the dogma, which muddies the waters. For people who want to affect actual change and believe in evidence-based approaches, it's really hard to avoid the conclusion that (today at least) you are best off with a mix.

This empirical mismatch is either handled by engaging in no-true-scotsman support for the dogma, or engaging

Having worked in both government and corporate environments, I don't see it. The efficiency of the market is about as mythical as the long term planning ability of the government.

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