How can you tell that it's wasteful? Seems to me that pointing at activities and saying they're wasteful is exactly the central planning you mentioned. Everything "decadent" looks suspiciously wasteful. Stage shows, exotic fruit, ball games, wedding photography, hats, flowers, songs, pets, tourism, novels, hobbies, diamonds ... it often puzzles me how economic activity makes a country wealthy when only a tiny part of it is efficiently providing health, nutrients and shelter. And in fact maybe 90% of it is wasteful, but nobody has the magic ability to identify exactly which 90%, and that's why central planning wrecks wealth, and VC funding apparently thrown down the toilet may in some mysterious way be beneficial to us.