What are the advantages of the various types of economic systems?

Most economists argue that there are three economic
systems, three ways that economies can be organized.  These are command economies,
traditional economies, and market economies.  Each of the three has advantages and
disadvantages.

• Command economies are said to be
  better at adapting to changing needs.  A command economy, for example, would be able to
  change its ways to reduce fuel consumption and prevent climate change simply by having
  the government order changes.


• Traditional economies are
  said to offer stability and consistency.  People in such an economy know what they will
  do with their lives.  They do not have to have stress and uncertainty as they try to
  decide what to do, how to do it, etc.


• Market economies
  are said to offer the greatest individual freedom as well as the widest variety of goods
  at the lowest prices.  In such economies, people can do pretty much whatever they want
  without government or tradition telling them not to.  Competition gives us everything we
  can conceive of wanting at the lowest possible
  price.