[Muromec]

>There are none. But I don't want the economic system to be judged by its ability to do resource allocation. I want my economic system to be judged by its ability to improve metrics of human well being - and not even the median well-being, but the well-being of say the 10% percentile person in society.

That requires resource allocation as a prerequisite and a functioning democracy that values this metric. Blaming the first one for not having the latter is a choice, but a strange one.

[astrobe_]

Not so strange. Just like communism slips to oligarchy, capitalism slips to plutocracy, and as such actively undermines democracy. It doesn't that campaign budgets are capped when you have the right media owners on your side.

People decide on resource allocation, period. It is as "efficient" as choosing human laws versus natural selection, the latter being exactly the model capitalism is copied from.