Which of the following best explains how economists have understood the effectiveness of markets compared to central planning (socialism) in terms of promoting economic growth and development.

Almost all economists have always thought that a market system was a better way to get economic growth than central planning.
Almost all economists have always thought that a central planning was a better way to get economic growth than a market system.
During most of the first half of the twentieth century, there was considerable controversy about whether the market or central planning was more likely to produce growth. After 1970 the view that the market was better increasingly dominated.
During most of the first half of the twentieth century, there was considerable controversy about whether the market or central planning was more likely to produce growth. After 1970 the view that central planning was better increasingly dominated.


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