The market price system

Let's say that you made all the economic decisions in the world - how many of each thing to produce and which services to provide and who gets what.  How would make those decisions?

You could ask everybody what they want; that would require over seven billion conversations, some with babies, who have a hard time putting things into words.

You could make all decisions without asking.  That would require seven billion decisions multiplied by the number of wants and needs you believe each person has.  You might have to skip lunch.  And then take an aspirin.

You could assign one or more other persons to make all economic decisions.  That would be fine, unless they decided not to feed you or clothe you or give you a place to sleep.

Or, you could simply let everyone choose for himself through a market price system.  Shared knowledge of price is the key.  Quantity, quality, and distribution of production is efficiently determined by how much consumers are willing to pay (price) for each product and service.  Each person can acquire as much output as his efforts contribute.  Billions of price decisions made each day by billions of individuals determine the result.  A very workable system.