Theoretically a planned economy appeals to me, because I imagine a benevolent entity making sure that everyone has what they need. Unfortunately human beings are selfish and typically the people who rise to power are the ones who most want to be powerful — and those are usually not the ones you want in charge! This is true of all political systems to some extent, but it’s less oppressive when free markets are allowed.

Free markets generally adjust more quickly to strange circumstances. Talk to anyone from the former Soviet Union about their first time in a Western supermarket… I had classmates who immigrated who explained to me how amazed they were the first time they went shopping in America. I have friends from Germany who have told me similar stories about East and West Germany.

That being said… if we still have this situation in another month I’ll concede you have a point! I suspect though that the market will adjust as ingenious people come up with solutions.

For example, right now several companies are re-gearing their operations to create more surgical masks, ventilators, etc.