Well, as I said the market is dynamic, not perfect.
The problem with putting its control into the hands of men is that they and not millions of consumers make the decisions.
The Market deals with price differences by people who attempt to profit on these and predict what is going to happen next.
The Socialists could never figure out how millions of prices could be made and everything got sold.
Thus, they tried to make the market 'fair' and 'predictable' and ofcourse, they did neither.
Millions of consumers can’t control the supply of money, though. They might control the interest rate, given a particular supply of money, but they don’t control the supply. If they did, and they were able to control it at a level that made economic sense, then we would not have had the Depression, we in fact would not have any recessions or inflation. Yet we do. I’ll grant you that the Fed also does not have complete control over this, and if it did, it could not choose the precisely perfect level anyway, but they at least have some control, and are able to resist unfavorable trends to some degree. The hard part is that there are times when you’ve got unfavorable trends in every direction. Hence, we’ve got both inflation and slow growth. The Fed obviously can’t fix that, and must choose between the two or arrive at some happy medium, but if the economy is headed downward, as well as prices, like in 2001, then the Fed has a simple decision, and had better make it, or we end up in a Depression. Without the Fed, it would be pure luck if the money supply grew at the right rate.