For example, there has been recent discussion of whether the unemployment rate is defined correctly, and then, even if it is, whether unemployment is bad (because people who want to work, can't) or good (because people shouldn't have to work so hard).
Another recent comment said that the goal should be to improve the happiness of the populace, yet in some attempts to measure happiness, socialist countries don't come out so well--while the relationship between GNP and happiness seems more solid.
So without arguing the system itself one way or the other at this point, there needs to be an agreed set of goals, with associated metrics...
Then we have to define society. Is it a nation, a democracy, a continent, the world?
Until we can define what a society is, and how it should relate to other societies, it is hard to weigh up economic strategies. You can't be me, I'm taken