I think the best economic system is no economic system. This may sound funny, but it’s true. Ask yourself this question: “What is the best friendship system?” There is no ‘friendship system’ so we are free to choose who we wish to be friends with, as long as they wish to be our friend.
Economics deals with the exchange of goods and services. As long as this is done in an informed and voluntarily manner, it is no one else’s business. (As long as this causes no harm to others). This is best called ‘free-market economics’ because this term best expresses this economic philosophy. But it really just means you and someone else can do business as you wish, as long as no one is harmed in the process. Some people use the term ‘capitalism’ to mean free-market economics, but this is really improper usage. ‘Capitalism’ was a term used by Karl Marx, who used it pejoratively, and we know how Marxism turned out.
Any sustainable government must protect its citizens’ right to be free (as long as they don’t violate the freedom of others). Friendship, religious beliefs, speech, and economics, among many other things, are activities in a free country that all citizens have a right to express or participate in as they see fit.
I do understand the desire to have government provide certain subsidies to individuals (voters), such as educational vouchers, and medical vouchers, but these don’t stop us from having free economic markets. The only way to change the free market is through force, and that never works out in the long run.
So let me repeat my first sentence: The best economic system is no economic system.