In my view, the best economy is market based with reasonable regulations and a reasonable safety net to prevent exploitation, balance out big losses and swings, and compensate for market imperfections.
I’m not a socialist, in the historical sense of the word. One way to look at this issue is the overall size of government relative to GDP. For the successful advanced nations, the range of government size is roughly 30% to 55% of GDP, with countries like Singapore, Switzerland and the US at the bottom of that range, and countries like the Scandinavian countries at the top of that range.
If you look at the preferences of the current GOP elite, they want to take us out of that range, dropping the share of government to a level I’m not sure how low. They’ve never specified and they sound like they believe the lower the better. I consider that dangerous and radical.
If you look at the Bernie/AOC wing of the Dems they want something along the Scandinavian lines. Personally I think (assuming we count health care as part of the equation) something in the mid-40s percentage wise would be pretty good (or high 30s if we keep employer-based healthcare private).
People tend to talk concepts and theories here, but I find it more useful to put this down on a numerical spectrum. If you do that, it doesn’t look as wild and crazy as people make it sound.