Is free-market economy better than a planned economy?

The free market system is better in terms of efficiency,but worse in terms of equality.

Pure free economy just doesn't work. It doesn't provide public goods or enough private goods with high positive externalities (education, etc.)

Pure planned economy works, but doesn't provide all the goods people want.
http://delong.typepad.com/sdj/2010/10/how-much-does-the-market-organization-of-economic-life-matter.html

Mixed economy wins:
http://en.wikipedia.org/wiki/Mixed_economy
http://www.mixedeconomy.org/