To be a bit contrarian though... there is a useful aspect associated with using labels, even in political/economic discussions, in a way that is similar to ascribing names to things called "design patterns" so that one can communicate concepts more tersely.

If done in good faith, I think it's legitimate to start with approximate labels, like "libertarian", and the arguing parties can then proceed to make their position clearer if necessary. Hopefully, this saves time.

Also, I think it's fair to describe someone that believes in the importance of "workers should own the means of production" as a marxist (at least it's more accurate than socialist or communist).