Government regulation or free market economy and why?

[Live Free]

Which kind of economy is best and why?

One that is government regulated (more socialist) with minimum wage and medicare/ social security, etc.

or

One in which the government has nothing to do with and no red tape, etc. (free market)

And why?

[Anjaree]

The free market will create market failure,moral bankruptcy and violation of the 10 commandments.It will create a bubble and burst in the short run. The damage is huge and widespread to the grassroots.There is also negative externalities, and mostly will damage the environment.But government intervention will create market failure, inefficiency,deadweight loss, and democracy with dictator.
No one can say for sure which system is the best. But socialism + market economy or social market economy and mixed market economy are in use. A new capitalism is in the process of development.This time is by a real sociologists.

[SDD]

Well, if you think that a select group of people can consistently outguess and outperform millions of people making independent decisions, than a command economy is for you. The fact that none of the nations that have tried to do this have been successful ought not to discourage you. There's alwasy a first time.