One would argue central planning could not foster a good economy in a long term basis, because the overall economy is too complex for central planning to be efficient and correct. Nonetheless, such an argument is based on ideology and not on relative circumstances. I would argue that even with pure or mix market (with some central planning) orientation of economy, mistakes can be piled as high as the mountain, consequently outweighing the benefits of the efficiency of the free market.
With this notion, I argue that central planning isn’t better or worse than pure or mix market orientated economy. I think in pure or mix market orientated economy, policy can be rolled out in boldest way and yet the benefits might still have an upper hand against the odd of ill fortune. With central planning, boldest policy might topple the central planning economy with lightning speed.
Without the invisible hand of the market, central planning mistakes might be just too large for policy makers to realize and reverse the mistakes in time. Nonetheless, there is no such thing as pure market orientated economy, because government has and forever will play a governance role for the economy — government rolls out policies for economy in a free market oriented economy still.
The difference between free market orientated and central planning economies is that the market orientated economy allows price discovery to be more certain. In a central planning economy, the tendency of policy makers to fix prices is too great, thus price discovery cannot be so certain. Without proper price discovery function, the economy might not be able to function properly.
With central planning economy, one cannot be too bold in rolling out policies, instead one must be testing the water temperature at a careful pace for each economic policy rollout. You can also say it’s like feeling the stones when crossing a violent stream. Nonetheless, I think a pure central planning economy is very ugly, because all it takes is one big, boldest mistake to ruin the whole mighty economy.
In conclusion, I think whether central planning is better or worse off than market orientated economies, with proper speed of rolling out proper thoughtful policies, both central planning and market orientated economies can be done right. After all, there is no such thing as pure free market. If there is a pure free market, then there are no governance and rules — chaos will ensue! Vice versa, pure central planning economy requires no big, boldest mistake at all — a very hard thing to do!