I wrote an article on capitalism and the Channel Islands property market for Business Brief magazine. The principles apply everywhere.

If planning laws are overly prescriptive and take too long to navigate, the market cannot do its job, allocate resources effectively, and switch use to the most productive areas.

Governments shouldn't try and predict the future, they should put conditions in place to make it easier for the market to do so.

The market doesn't always get it right but the attempt to maximise returns is the best method we have today. Maybe one day AI will change that.