Final answer:
Market economies generally excel in efficiency and growth, but can struggle with equity, while command economies focus on equity but may face issues with efficiency and growth. Investments in human capital, such as early childhood education, can benefit both systems by improving both equity and efficiency.
Step-by-step explanation:
The performance of top market and command economies can be assessed by looking at the social-economic goals they value most.
Market economies, like the United States, typically prioritize economic freedom, efficiency, and growth. Command economies, on the other hand, place a greater emphasis on economic equity and security. However, there are trade-offs, with market economies often encountering issues of inequality, while command economies can suffer from inefficiencies, reducing growth.
Evidence suggests that market economies can be highly efficient and stimulate growth because of the incentives private property rights create. However, this sometimes comes at the cost of economic equity. Conversely, command economies traditionally focus on equity, which can lead to inefficiency and stifled growth, as seen historically in China's Great Leap Forward. To enhance both equity and efficiency, investments in human capital like early childhood education are seen as beneficial for both types of economies.